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Query Posted : 180
Query Replied : 180
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  • Co. Law
    by Gautam on Wednesday, November 13, 2019  at 02:28 AM

    Dear Sir, As per Sec 186, a company can give/make Loan/Guarantee/Security/Investment , if it is within the limits mentioned under Sec 186. Query- Here the word Security means :- Shares, debentures, bonds etc OR IS THERE ANY other meaning of this word here ?? 2) Loan to MD/ WTD is allowed as per Sec 185 subject to conditions. Query- If loan is given to MD/WTD EXCEEDING LIMITS U/S 186 , then Special resolution in General Meeting as per Sec 186 is required ??

  • Co. Law
    by Gautam on Tuesday, November 12, 2019  at 08:04 PM

    As per Sec 233(2) of Co.Act,2013, The ''transferee'' company shall file a copy of the scheme so approved (BY MEMBERS) in the manner as may be prescribed, with the CG, Registrar and the Official Liquidator. If A Pvt Ltd & B Pvt Ltd company WILL AMALGAMATE TO FORM A NEW COMPANY i.e.C Pvt Ltd, then here TRANSFEREE COMPANY WILL BE C PVT LTD. Now query-As C Pvt LTD HAS NOT YET BEEN INCORPORATED then who shall file the scheme u/s 233 as LAW MENTIONED THE WORD Transferee co? 2) When C will be formed ?

  • Sec 186
    by Gautam on Thursday, November 07, 2019  at 04:14 AM

    Dear Sir, As per Sec 186(5) of Co. Act,2013, Pls clarify that Unanimous Consent of Board of Directors along with Approval of Public Financial Institution will be required, if Loan given EXCEED 60% of (Paid up capital + Free Reserves+ Sec Premium) or 100% of (Free Reserves+ Sec Prem), whichever is more OR ELSE IT WILL BE REQUIRED EVEN IF LOAN IS WITHIN THE ABOVE MENTIONED LIMITS ?? 2) Whether Nominee director/Additional director will also be disqualified u/s 164(2), ? Pls CLARIFY ..

  • Getting back control
    by SANJIT KRISHNA on Wednesday, October 23, 2019  at 04:32 PM

    A company is into IBC .A resolution aplicant is chosen and NCLT passed the order approving the resolution plan. The Resolution applicant has started to implement the resolution plan. Now that the promoter having lost of the control, can he approach the resolution applicant for paying the sum paid and get the company back ? Is there any restriction on it ?

  • Co. Law
    by Vivek on Friday, October 18, 2019  at 02:21 AM

    Dear Sir, Pls tell the main difference between a MD & CEO in a company ?? 2) Pls tell whether MD & CEO are parallel position in companies ?? 3) MD has more powers than Manager, but why Sec 196 prohibits the appointment of both MD & Manager in a company ??

  • Sec 203
    by Vivek on Friday, October 18, 2019  at 02:17 AM

    Dear Sir, B Ltd is subsidiary of A Ltd & C is subsidiary of D . Mr.A wants to be appointed as CS in A & MD in B. He will also be appointed as MD in D. Can he hold position of CFO in C as per Sec 203 of Co.Act,13?? Pls provide clarification ? 2) As per Sec 203, a person can be appointed as Whole time KMP in its subsidiary company at the same time. Query- Whether vice-versa of this will also be legally correct?

  • Co. law
    by Gautam on Saturday, October 12, 2019  at 01:09 AM

    Dear Sir, As per Sec 233(2) of Co.Act,2013, The ''transferee'' company shall file a copy of the scheme so approved in the manner as may be prescribed, with the Central Government, Registrar and the Official Liquidator. If A Pvt Ltd & B Pvt Ltd company WILL AMALGAMATE TO FORM A NEW COMPANY i.e. C Pvt Ltd, then here TRANSFEREE COMPANY WILL BE C PVT LTD. Now query- As C Pvt LTD HAS NOT YET BEEN INCORPORATED then who shall file the scheme u/s 233 as LAW MENTIONED THE WORD Transferee co. ?

  • PREFERENTIAL TRANSACTIONS
    by SANJIT KRISHNA on Wednesday, October 09, 2019  at 09:00 AM

    Dear Sir, Can you throw some light on Section - 43(3)(b) relating to Preferential transactions ? The same could not be comprehended upon the bare reading of the section !

  • CONSENT TO ACT AS LIQUIDATOR
    by SANJIT KRISHNA on Wednesday, October 09, 2019  at 08:57 AM

    Dear Sir, Whenever a liquidator is proposed to be appointed for the Corporate Debtor, he has to given his consent as per Section 34. What is the relevant form as per IBC in which he can given his consent ?

  • IBC and Electricity
    by Madhavan A K on Monday, October 07, 2019  at 12:13 PM

    Sir, If a co. is in default of current charges for Rs.10 Lakhs to a electricity distribution Co., whether electricity distribution Co. be treated as operational creditor and invoke provisions of IBC?

  • Existence /Filing of suit compulsory for filing application u/s 8 ??
    by Chirag on Saturday, October 05, 2019  at 10:35 PM

    Dear Sir, If corporate debtor has NOT FILED ANY SUIT AGAINST THE Operational Creditor and CORPORATE DEBTOR IS NOT PAYING any amount to Operational creditor due to existence of dispute.Query- Whether Operational creditor can file application for CIRP in this case ?? Some say that as definition of Dispute includes a suit or arbitration proceedings relating to.... so, pendency of suit is must, ONLY THEN CIRP APPLICATION can be made. Pls clarify ???

  • IBC
    by Chirag on Thursday, October 03, 2019  at 09:52 PM

    Dear Sir, In case of operational creditor, it is NOT ESSENTIAL THAT corporate debtor has filed case/suit, if there is a dispute. i.e. Even IF SUIT IS NOT FILED by the corporate debtor, BUT DISPUTE exists, then also OPERATIONAL CREDITOR can file application for CIRP ?? Am i right ?? 2) Can suspended Board of Director of Corporate debtor, Promoter of Corporate debtor etc can prepare a Resolution plan for the company ??

  • IBC
    by Chirag on Wednesday, October 02, 2019  at 09:46 PM

    Dear Sir, Can application for CIRP can be WITHDRAWN, Once CIRP is started BUT COC HAS NOT YET BEEN CONSTITUTED ?? 2) CAN ANY OTHER Financial Creditor (FC) (i.e. Other than FC whose amt has been defaulted by CD) file application for CIRP ?? 3) CIRP can be initiated against Cooperative society,Trust etc ??

  • Submission of the proof of claim
    by Krishna on Saturday, September 28, 2019  at 08:20 AM

    When the financial creditor wants to file a petition of the CIRP, there has to be certain existence of debt and default. However, if the other financial creditors wants to submit a proof of claim upon the publishment of the CIRP in the newspaper, should the existence of default necesarry ? If there is existence of debt itself can they file a proof of claim ?

  • IBC
    by Gautam on Friday, September 27, 2019  at 03:02 AM

    Dear Sir, Whether Normal Sale/Purchase of goods by corporate debtor during Moratorium period is allowed ?? 2) Resolution applicant will be a person from amongst the COC, having financial knowledge ?? 3) Resolution professional discovered that Sale of property by Corporate debtor is an undervalued transaction, then in this case what should the resolution professional do ?? 4) In Moratorium, new contracts like Rent Agreement which is for benefit of debtor can be entered into ??

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