IRP holds the significant task of accumulating creditors’ claims within 90 days of the CIRP commencement date, thereby establishing a concrete framework for creditors, such as homebuyers
The financial creditor had moved the bankruptcy court against the property developer following a default of nearly Rs 119 crore. In February 2017, L&T Finance had sanctioned a loan of Rs 200 crore in favour of the original borrowing entity Kaa Vee Retail Infra, which was later merged with Precision Realty Developers.
The Supreme Court has held that the ‘Doctrine of Election’ cannot be applied to prevent a Financial Creditor from approaching the National Company Law Tribunal (NCLT) for initiation of Corporate.
The order was passed in a plea filed by Assets Care and Reconstruction Enterprises Limited (ACRE) for defaulting in repayment of a debt of Rs. 482 crore, which includes both principle and interest
In recent times, several noteworthy judgments have been rendered by the Indian Courts and Tribunals in matters relating to the Insolvency and Bankruptcy Code, 2016 (IBC). Some decisions rendered from.