A petition was filed under rule 7 of the Insolvency and Bankruptcy Code for initiating corporate Insolvency resolution process. Petitioner was involved in manufacturing of pulp, paper, duplex board etc.The corporate applicant was declared Non- Performing Asset (NPA) after the sanctioning of loan on 31.3.2011. State Bank of India had issued a notice on 28.5.2011 … Read more
This is a case digest on the NCLT Chandigarh Bench of Bank of India versus Little Bee International Private Limited in CA No.1215 of 2019 Under Section 33 (1) & (2) of the Insolvency and Bankruptcy Code, 2016. As per COC report, the liquidator will dissolve the company Regulation 32A of the Insolvency and Bankruptcy … Read more
UNITED BANK OF INDIA/ Financial Creditor filed this application to adjudicating authority under Section 7 of Insolvency & Bankruptcy Code read with Rule 4 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for Initiating Corporate Insolvency Resolution Process (CIRP) as against M/s. Jotisriram Himaghar Private Limited/ Corporate Debtor. FACTS OF THE CASE: … Read more
RESTORATION OF NAME STRUCK OFF COMPANY is done by NCLT Lawyers Chandigarh under Companies Act. A company can be struck off by the NCLT for various reasons enumerated under section 248 and section 164 of the Companies act, 2013. Such a case where a company has been struck off by the NCLT, there exists a … Read more
Demand Notice is a must before initiating Insolvency proceedings under Sec 9 of the Insolvency Banking Code (IBC) , 2016 against any Corporate Debtor is settled by various courts of the country. You can take the help of NCLT Chandigarh Lawyer/Advocate/Legal Advisor for sending Demand Notice on your behalf. He/She may charge you reasonably depending … Read more
The insolvency code came into effect on December 1, 2016 and sought to re-organize stressed assets and in worst case do liquidation of assets so that financial creditors are paid off. Insolvency and Bankruptcy Board of India is the body which regulates insolvency proceedings in India. For companies and LLP’s one can move to NCLT … Read more
Do you know being an employee, you are one of the operational creditors who can recover dues through National Company Law Tribubal (NCLT) established at Chandigarh. The newly made Insolvency Banking Code (IBC), 2016 allows creditor to start insolvency proceeding against a corporate debtor for dues as low as Rs 1 lakh. Once the application … Read more
Finally Home buyers/ Home owners get creditors status in insolvent firms. From today onwards that is once President promulgate an ordinance to amend Insolvency and Banking Code (IBC), the investments and interest of home buyers are protected when it comes to the insolvency of Builders like Jaypee Infratech, Amrapalli and many more in pipeline. Changes … Read more
The Insolvency and Bankruptcy Code, 2016 (IBC) is the bankruptcy law of India which seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy. The Insolvency and Bankruptcy Code, 2015 was introduced in Lok Sabhain December 2015. It was passed by Lok Sabha on 5 May 2016. The Code received the assent of the … Read more
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