Initiation of CIRP - Cut of date for deferring IBC provisions ...

Case Laws Insolvency and Bankruptcy

February 10, 2021

Initiation of CIRP - Cut of date for deferring IBC provisions due to COVID-19 - Financial Distress or not - The date of the initiation of the CIRP is the date on which a financial creditor, operational creditor or corporate applicant makes an application to the adjudicating authority for initiating the process. On the other hand, the insolvency commencement date is the date of the admission of the application. This distinction is also evident from the provisions of sub-section (6) of Section 7, sub-section (6) of Section 9 and sub-section (5) of Section 10. - SC

View Source

← Previous Next →

Initiation of CIRP - Cut of date for deferring IBC provisions ...

Case Laws Insolvency and Bankruptcy

February 10, 2021

You may also like:

Initiation of CIRP - Relevant date of default - The Tribunal noted the appellant’s arguments about defaults prior to the RBI’s COVID-19 moratorium guidelines but also...

Refusal to stay the proceedings initiated by the Respondent, Axis Bank Limited against the Appellant - The title “Insolvency and Bankruptcy Code” makes it amply clear...

Threshold limit for triggering CIRP - Validity of Section 7 of the Insolvency and Bankruptcy Code, 2016 - Initiation of CIRP by Financial Creditors - The statute i.e.,...

SVLDRS - The court acknowledged that the petitioner failed to make the balance payment within the extended period due to financial constraints post-COVID-19. However, it...

Initiation of CIRP - Financial creditor within the meaning of sub-section (7) of Section 5 of the IBC - The Supreme Court affirmed the NCLAT’s judgment, holding that the...

Initiation of CIRP - Period of limitation - It is now well settled that the provisions of the Limitation Act are applicable to proceedings under the IBC as far as may be...

Relaxation in adherence to prescribed timelines issued by SEBI due to Covid 19 - Circular

Initiation of CIRP - threshold limit for triggering CIRP - joint application - The statute i.e., Section 7 of the IBC as amended vide Gazette Notification dated...

Delay in implementation of approved Resolution Plan - In the present case, the Approved Resolution Plan has been alleged to be contravened by the Successful Resolution...

Initiation of CIRP - NCLT rejected the application of appellant u/s 9 - Period of limitation - The Ld. Adjudicating Authority has taken note of the fact that the Demand...

The High Court held that the delay of 80 days in filing the Return of Income should be condoned as the petitioner faced genuine hardship due to valid reasons arising...

Delay in depositing TDS amount ranging from 31 to 214 days due to COVID-19 pandemic constituted reasonable and sufficient cause. As per High Court [2023 (11) TMI 447],...

Additional relaxations / clarifications in relation to compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015...

Maintainability of petition seeking initiation of CIRP against Personal Guarantor/Respondent - invocation of Bank guarantee and time limitation - The case involved an...

The NCLAT upheld the admission of the Section 7 application filed by the Financial Creditor (Respondent No.1) for initiating CIRP against the Corporate Debtor. It held...

Quick Updates: