Initiation of CIRP - As per the ‘Companies (Acceptance of ...

Non-repayment of deposits triggers Tribunal jurisdiction u/s 74(2); Corporate Debtor faces insolvency process.

February 23, 2021

Case Laws Insolvency and Bankruptcy AT

Initiation of CIRP - As per the ‘Companies (Acceptance of Deposits) Rules, 2014’, the term ‘deposit’ is defined under rule 2(1) (c ) in an inclusive fashion. The meaning of ‘deposit’ is elongated by covering receipts of money in any other form. For approaching the jurisdiction of the ‘Tribunal’ as per Section 74(2) of the ‘Companies Act, 2013’, even a partial failure by the Company to repay the deposit was sufficient. - the ‘Respondent/’Corporate Debtor’ squarely comes within the ambit of definition of ‘Financial Debt’ - AT

View Source

← Previous Next →

Initiation of CIRP - As per the ‘Companies (Acceptance of ...

Non-repayment of deposits triggers Tribunal jurisdiction u/s 74(2); Corporate Debtor faces insolvency process.

February 23, 2021

Case Laws Insolvency and Bankruptcy AT

You may also like:

The National Company Law Appellate Tribunal, Principal Bench, New Delhi, addressed the validity of the admission of a section 7 application in a Corporate Insolvency...

NCLAT upheld NCLT's decision to admit Corporate Debtor into CIRP under Section 7 of IBC, 2016. The Corporate Debtor's challenge regarding improper notice service was...

The adjudicating authority has jurisdiction to cancel a registered General Power of Attorney (PoA) executed in favor of the appellant, who was a nominee of the corporate...

Dishonor of Cheque - Effect of moratorium to non-corporate debtor/debtors dealt under Section 141 of the Negotiable Instruments Act - vicarious liability - The twin...

Rejection of Section 7 Application - NPA - Corporate Debtor unable to de-risk the live BGs within the time allowed - A settlement was reached between the parties, where...

Liquidation of Corporate Debtor - mode of sale - public auction - Section 33 of IBC - The order passed by the Adjudicating Authority approving the private sale of the...

Repayment of deposits, etc., accepted before commencement of this Act - conditions relaxed - deposits accepted under Companies Act, 1956 shall be repaid within 3 years...

The National Company Law Appellate Tribunal, Principal Bench, New Delhi, addressed the validity of the Corporate Insolvency Resolution Process (CIRP) against a...

The Appellate Tribunal held that the Annual Mine Closure Cost (AMCC) deposited by the Corporate Debtor in an Escrow Account belongs to the Corporate Debtor and cannot be...

CIRP - Action against corporate person (being a corporate debtor) concerning guarantee offered by it in respect of a loan account of the principal borrower, who had...

Corporate insolvency resolution process (CIRP) initiated against corporate debtor and corporate guarantor. Financial creditor granted loan to corporate debtor, secured...

Financial Creditors - The disbursal was made by CDR Lenders to the Corporate Debtor and the Appellant(s) were Personal Guarantors/ Corporate Guarantors to guarantee the...

Right to claim over property occupied by the Corporate Debtor - Even though the object behind imposing moratorium under section 14 of IB Code, is to prevent depletion of...

NCLAT dismissed an appeal challenging NCLT Delhi's jurisdiction to entertain Section 95 applications against personal guarantors under IBC. The Tribunal held that NCLT...

CIRP - personal Guarantor to Corporate Debtor - Australian National - lack of any Agreement of Guarantee - invalidity of any such Guarantee, even if issued - the...

Quick Updates: