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Success fee for Resolution Professional is not part of Insolvency Bankruptcy Code
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IBC: Parliamentary Panel Recommends Greater Informational Transparency So Aggrieved Buyers Can Seek Liquidation Of Builder s Assets
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ArcelorMittal says may pay off dues of Uttam Galva as a goodwill gesture
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Synopsis It is for the creditors to prove that transfer to the trust fund has been done with mala fide intentions. Such transactions are termed as PUFE (Preferential, Undervalued, Fraudulent and Extortionate) transactions. At this juncture it is pertinent to note that the Code provides a look-back period only for PUE transactions and not for fraudulent transactions. For this, we will need to refer to S17 of the Limitation Act.
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The recent Supreme Court ruling, confirming the amendment to Insolvency Bankruptcy Code allowing creditors to proceed against personal guarantors of defaulting companies to recover debt has not only opened up a new dimension in the corporate insolvency resolution, but also caused a furor among the promoter families.
A Bench comprising of
Navin Sinha and
KM Joseph observed that an application under Section 34 of the Arbitration and Conciliation Act to set aside an award is covered by moratorium under Section 14 of the Insolvency and Bankruptcy Code.
Section 34 proceeding is a proceeding against the corporate debtor in a court of law pertaining to a challenge to an arbitral award and would be covered just as an appellate proceeding in a decree from a suit would be covered, the bench headed by Justice RF Nariman observed in the judgment titled P Mohanraj & Ors. v. M/s Shah Brothers Ispat Ltd.