Insolvency Professionals, Valuers Need Very Effective Self-Regulating Mechanism: Official outlookbusiness.com Read the original article here
The National Company Law Tribunal (NCLT) at Mumbai has recently stressed that stakeholders must act within statutory timelines during a corporate insolvency resolution process, dismissing six applications filed by former employees of Indo Global Soft Solutions and Technologies Private Limited after finding that their claims had been submitted 18 months after the last date prescribed…
The Supreme Court has held that a contract which has been lawfully terminated before the initiation of insolvency proceedings cannot be treated as an “asset” or “property” of the corporate debtor, and therefore does not enjoy the protection of the moratorium under Section 14 of the Insolvency and Bankruptcy Code. The Bench observed that “once…
Katra Realtors enters insolvency process amid Ansal API financial challenges Prop News Time Read the original article here
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Insolvency protection cannot become an instrument to perpetuate displacement or defer the constitutional promise of dignified housing, the Supreme Court underlined on Friday, stressing that the Insolvency and Bankruptcy Code (IBC) was never intended to shield developers who default, abandon performance or frustrate projects of public significance. Economic revival, the court held, cannot eclipse the…
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