January 15, 2019     by Ridhima Chachra
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.....
January 15, 2019     by Ridhima Chachra
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....
January 15, 2019     by Ridhima Chachra
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....
January 15, 2019     by Ridhima Chachra
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....
January 11, 2019     by Ridhima Chachra
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....
January 8, 2019     by Ridhima Chachra
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....


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