The court of Chief Judicial Magistrate, Chandigarh, has declared three directors of Gupta Builders and Promoters Private Limited (GBP) Group, Satish Kumar Gupta, Pradeep Kumar Gupta and Raman Kumar Gupta, as proclaimed offenders (POs) in a case filed against them by the Real Estate Regulatory Author
This article attempts to understand the limitations of the Insolvency and Bankruptcy Board of India’s code of conduct. In the larger issue of balancing the interests of bankruptcy governance, it suggests structural reforms to the insolvency and bankruptcy code that aim to foster an expedient resolution process and reduce losses to creditors.
IBC imposes moratorium on initiation or continuation of legal proceedings against corporate debtor CD for entire duration of corporate insolvency resolution process CIRP. Adjudication of disputed claims that are pending as on the date of initiation of CIRP get stalled.
The Enforcement Directorate (ED) on Saturday said that they have filed prosecution complaint (Charge sheet) under the provisions of the Prevention of Money Laundering Act, (PMLA) against Luxmi Auto Industries and its partners Satish Kumar Gupta .