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Insolvency & Bankruptcy Code cannot be used as a tool for recovery: NCLT, ET RealEstate

The Principal Bench of the National Company Law Tribunal (NCLT) was hearing the plea for initiating insolvency against Orris Infrastructure over an alleged default of Rs 3.60 lakh. ....

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Insolvency & Bankruptcy Code cannot be used as a tool for recovery, says NCLT

Insolvency & Bankruptcy Code cannot be used as a tool for recovery, says NCLT
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Ramlingam Sudhakar , Gurgaon Haryana , Avinash Srivastava , Bankruptcy Code , Principal Bench , National Company Law Tribunal , Orris Infrastructure , Retail Unit , Floreal Tower , President Ramlingam Sudhakar , Space Buyers , Floreal Tower Project ,

insolvency: Insolvency & Bankruptcy Code cannot be used as a tool for recovery; says NCLT

The National Company Law Tribunal (NCLT) in India has dismissed a plea to initiate insolvency against Orris Infrastructure, stating that the Insolvency & Bankruptcy Code (IBC) cannot be used as a "tool for recovery". The NCLT observed that the applicants had already received full payment from Orris Infrastructure in excess of the default amount. The applicants had signed an agreement with the realty firm, which included monthly assured returns. The construction was completed in 2013, and the occupation certificate was received in 2017, ending the period for paying assured returns in 2020. ....

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PC Jeweller faces insolvency plea from SBI; NCLT adjourns hearing till Aug 21, ET Retail

Public sector lender State Bank of India (SBI) has taken PC Jeweller to the National Company Law Tribunal (NCLT) with a plea to initiate insolvency proceedings against the city-based jewellery manufacturer and retailer claiming a default. ....

National Company Law Tribunal , State Bank , Pc Jeweller , State Bank Of India , National Company Law Tribunal , Ramlingam Sudhakar , Non Performing Assets , New Delhi ,