Section 14: moratorium -EASYLEGALTAX
The moratorium regarding Insolvency and Bankruptcy Code, 2016 ('IBC') implies a period wherein no legal procedures for recovery, enforcement of security interest, sale or transfer of assets, or termination of essential contracts can be established or proceeded against the Corporate Debtor. This brings up a fascinating issue on the issue of the pertinence of the Moratorium to the procedures under Section 138 of the Negotiable Instruments Act, 1891 (NI Act).
The Adjudicating Authority i.e., National Company Law Tribunal, New Delhi while deciding an Application under Section 9 of the I & B Code has held that a ‘Sole Proprietary Concern’ is not a person within the meaning of Section 3(23) of the Insolvency and Bankruptcy Code, 2016 (I&B Code). Hence, the Adjudicating Authority held that the Proprietary Concern is not entitled to initiate insolvency proceedings before the Adjudicating Authority under the I&B Code.
Whether an IRP can dispossess any person from Corporate Debtor's property which is under litigation
The above question of law has been referred by the Bench of NCLT, Mumbai. Ld. Member Judicial, Shri Bhaskara Pantula Mohan while deciding the Application filed by one Pravin Blaggan (who was in occupancy of the Shed) held that the IRP is allowed to take possession of the shed, whereas, Ld. Member Technical, Shri Nallesenapathy held that the IRP was not empowered to dispossess any person in the case in hand, especially when the same is sub judice before a civil court.
RERA complaint against builder -EasyLegalTax
As the fastest growing economy of the world, India is witnessing heavy development in the form of setting up of new industries, new residential development. Rural population is heavily migrating around the metropolitan cities because of which heavy construction is going around the main cities of India like Mumbai, Kolkatta, Banglore, Delhi even many others. Mushrooming of builders with residential projects has been registered with heavy numbers but sadfully, the volume with which projects have been setup, out of which lots of builders had defaulted the money of innocent home buyers.
What is Insolvency & Bankruptcy Code- EasyLegalTax
Insolvency and Bankruptcy Code 2016 is one of the biggest steps undertaken by India towards much required economic reform of country. That’s why Government has rolled out such a code in a very speedy manner for its implementation