Indian Companies Act empowers Board of Directors to take most of the business decisions. However, there are certain matters which affect the shareholders which can only be approved in Shareholders meeting. Some of the matters which can be proceeded with only after....
Legal Framework SEBI (Settlement Proceedings) Regulations, 2018 {“the Regulations’}; effective from 1st January, 2019. SEBI Circular No. EFD/ED/Cir-1/2007 dated 20th April, 2007 SEBI Circular No. CIR/EFD/1/2012 dated 25th May, 2012 The adage “Justice....
Dealing with RBI has been never been an easy task but with the passage of time RBI has been putting lot of efforts to bridge the procedural gaps. RBI has been taking steps in this direction and a very good example of this is the consolidated Master Circular issued for each....
As per the Black’s Law Dictionary, to “Compound” means to settle a matter by a money payment, in lieu of other liability.” Thus, Compounding is a mechanism that provides the offender an opportunity to avoid prosecution for an offence committed by him by way of a monitory....
Section 9(3)(c) of the Code requires the Operational Creditor to submit, if available, a copy of certificate from the financial institution maintaining accounts of the operational creditor confirming that there is no payment of an unpaid operational debt by the corporate debtor.....
In Uttam Galwa Steel Limited v DF Deutsche Forfait Ag. Limited., two operational creditors (DF Deutsche Forfait AG and Misr Bank Europe Gmbh) filed a joint application against the Corporate Debtor for initiation of CIRP. The NCLT Bench held that Section 8 and Section 9 of....
An Operational Creditor can make application before NCLT for initiation of corporate insolvency resolution process (CIRP) against defaulting Corporate Debtor. You can read more about this in our blog IBC – A TOOL FOR RECOVERY BY OPERATIONAL CREDITORS The Operational....
In case no resolution plan comes during CIRP or the resolution plan, if submitted, is not approved, the Corporate Debtor will go under Liquidation. The Liquidator on appointment will invite claims through Public Announcement. The Operational Creditors will then need to file....
It is very important that the claim submitted by Operational Creditor before Interim Resolution Professional (IRP) under CIRP is complete in all respects otherwise the same can be rejected by the IRP and in such case the Resolution Plan may fail to cover the amounts due to such....
It is well established fact that civil recovery matters take long time to decide. Because of low recoverability, there is a low credit discipline in trade. This has affected businesses as it often leads to large working capital requirement and thus more stress on....
