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Query Posted : 163
Query Replied : 163
  • Persons not entitled to file an application
    by Krishna on Wednesday, September 18, 2019  at 08:24 AM

    As per Section 11(c), a financial creditors who has violated any provisions of the Resolution plan shall not be entitled to file an application within a period of 12 months from the date of the approval of the resolution plan by the AA Does it debar the financial creditors from filing an application with respect to that corporate debtor only or with respect to all of his other corporate debtors ?

  • Form 1
    by SANJIT KRISHNA on Sunday, September 15, 2019  at 09:35 AM

    In the Part 1 of Form 1, used by the financial creditors to file a petition for the initiation of CIRP, there is an item which is as follows: NAME AND ADDRESS OF PERSON RESIDENT IN INDIA AUTHORISED TO ACCEPT THE SERVICE OF PROCESS ON ITS BEHALF (ENCLOSE AUTHORISATION) What does this service of process means ?

  • Applicability of IBC on Trusts
    by SANJIT KRISHNA on Thursday, September 12, 2019  at 07:38 AM

    At present only the application of IBC on Corporates and LLP's has been notified. Does the Act as a whole covers trusts ? Can IBC be initiated against trusts ? Is there any section in the Act that deals with initiation against trusts ?

  • Arbitral Award and CIRP
    by SANJIT KRISHNA on Thursday, September 05, 2019  at 03:30 PM

    After the passing of the award by the Arbitral tribunal in relation to arbitration, can the operational creditor, in relation to the same dispute file a petition under IBC ? Will the award passed by the arbitral tribunal lead to a existence of dispute already in relation to the operational creditor ?

  • ECB's from parent by the Resolution Applicant
    by SANJIT KRISHNA on Wednesday, September 04, 2019  at 07:32 PM

    A Notification has been issued by RBI in Feb 2019 that the ECB's can be used by the resolution applicant for the purpose of repayment of the rupee term loans of the target company ! Can the Resolution applicant get ECB's from it parent company without any restrictions ?

  • Approval of the resolution plan appealed with NCLT
    by SANJIT KRISHNA on Tuesday, September 03, 2019  at 12:45 PM

    When the resolution plan is approved by the NCLT and a party appeals against the same to the NCLAT,can the resolution applicant carry on with the implementation of his plan ? Or will a status quo be rendered on the resolution plan and resolution applicant till the disposal of the appeal ?

  • Law of Limitation
    by SANJIT KRISHNA on Friday, August 30, 2019  at 02:42 PM

    Under the IBC, the time barred debt shall not be treated as existence of debt ? Further, any debt that is it not claimed within a period of 3 years shall become time barred ?

  • IBC
    by Chirag on Thursday, August 29, 2019  at 03:13 AM

    Dear Sir, A ltd is undergoing Corporate Insolvency resolution process. Mr. Ram is appointed as Resolution professional. There is one debtor in A Ltd named, XYZ Ltd. His outstanding balance is Rs 20 lacs. And since long time it is pending. Query- Whether Resolution professional can file application for initiating CIRP of XYZ Ltd ?? 2) Whether Ram can send legal notice to A Ltd for non repayment ?? 3) CAN RESOLUTION PROFESSIONAL EXAMINE THE PAST Records ??

    by SANJIT KRISHNA on Monday, August 26, 2019  at 07:47 PM

    Most of the resolution applicants, ask for the waiver of the statutory dues like VAT,Sales Tax, Income tax. The Adjudicating authority approves the resolution plan however it states that with respect to the waiver of the dues, the same is upto to the statutory authority. What if the statutory authority not accept to the waiver and want them to be settled ? What will happen to the approved resolution plan ??

  • Resolution Plan
    by Sanjay on Monday, August 26, 2019  at 07:26 PM

    There are 2 FCs in CoC and both are Secured Creditors-one with security of land and building of CD (voting share of >70%) and the other having security of machinery. One of the RA has submitted reso plan giving bulk of amount to FC who is having security of land and building and virtually nothing to the other. Can the Secured Creditors be deferentially treated ?

  • Valuation for Information Memorandum
    by SANJIT KRISHNA on Friday, August 16, 2019  at 10:04 PM

    For the purpose of Information Memorandum, valuation of the entity is sought. Are two valuers appointed ?? One to ascertain the enterprise value and one to ascertain the recoverable value ?? Further in what scenarios, is the average of the values taken ??

  • Priority of the payment of dues
    by SANJIT KRISHNA on Friday, August 16, 2019  at 09:59 PM

    With respect to the payment of dues to the operational creditor, they shall be paid an amount not less than that which will be received upon liquidation ! So this payment shall be made before any payment to the financial creditor ??? In terms of priority ?? Will the full amount of the payment due shall be made to the dissenting financial creditors to the resolution plan ???

  • Loan from directors & related parties
    by Gautam on Saturday, August 10, 2019  at 08:53 PM

    Dear Sir, Whether a company is legally allowed to take Unsecured Loans From its Directors under company law? 2) Whether a company is allowed to take Unsecured Loan from Related Parties of Directors like Director's HUF, Companies of Relatives, SUBSIDIARY COMPANY etc ?? 3) Whether both the above can be interest free ?

  • IBC Applicability
    by Kamal on Tuesday, August 06, 2019  at 03:52 PM

    Sir now that Article 370(2) and (3) have been scrapped, what would be the applicability of IBC on J & K

  • Submissions before NCLT
    by Kamal on Saturday, July 20, 2019  at 11:33 AM

    Sir We have filed petition for CIRP before NCLT. Now the Bench raised certain queries for which we have to submit the replies. What is the technical name for submission of replies. Is it called as rejoinder or some thing else

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