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Query Posted : 94
Query Replied : 93
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  • Co. Law
    by Gautam on Wednesday, January 16, 2019  at 06:53 PM

    Dear Sir, As per Sec 185 of Co.Amendment Act,2017, No company shall, directly or indirectly, advance any loan, including any loan represented by a book debt to.----- Query- Sir, Pls tell the meaning of the LINE --- "ANY LOAN REPRESENTED BY A BOOK DEBT" ?? 2) When EXPLANATORY STATEMENT is required to be given in a NOTICE OF GM ?? Thanks sir..

  • APPOINTMENT OF STAFF BY IRP
    by DINESH GUPTA on Friday, January 11, 2019  at 07:43 PM

    Whether in a CIRP, IRP can appoint same Person as legal consultant who was counsel for OC in application under section 9. If not, please provide the reference to relevant provisions of act, regulations or IBBI directions.

  • CoC
    by Kamal on Sunday, January 06, 2019  at 04:44 PM

    Sir What is the constitution of COC for fresh start and bankruptcy of Individuals and Firms

  • approval of RA by COC
    by AVS on Saturday, December 29, 2018  at 12:49 PM

    While approving the resolution plan, whether COC has to check and approve the eligibility of the Resolution Applicant also, or the certification by RP is enough.

  • Loan from director
    by Gautam on Thursday, December 13, 2018  at 02:33 PM

    Dear Sir, Whether a Director is allowed to give Loan to the company?? 2) what is share warrant ?

  • Operational Creditors
    by Kamal on Thursday, December 13, 2018  at 01:08 PM

    Section 30(2)(b) provides for the payment of the debts of operational creditors which shall not be less than the amount to be paid to the operational creditors in the event of a liquidation of the corporate debtor. CIRP Regulation 38 provide for amount due to the operational creditors under a resolution plan to be given priority in payment over financial creditors. Does this mean that operational creditors can be paid nothing due to deficient liquidation value.

  • Resolution Plan
    by Kamal on Sunday, November 18, 2018  at 10:00 AM

    Sir 1). When a resolution applicant buys shares from promoters of company under CIRP, then the purchase consideration goes to the account such promoters. How this money is used by such company to pay off the creditors like this happened in Bhushan Steel 2). In Chitra Verma vs. UOI, SC has directed promoters of Jaypee Infratech Limited to deposit 750 crores with registry of SC. What will happen to this money technically while submitting a resolution plan.

  • IBC
    by Gautam on Monday, November 12, 2018  at 02:21 AM

    Dear Sir, As per Sec 22(2) of IBC, majority vote of not less than seventy-five per cent. of the voting share of the financial creditors, MEANS THAT DUAL Approval is required from Financial Creditors i.e. MAJORITY OF Financial Creditors in NUMBERS & AT LEAST 75 % of Voting shares of financial creditors should accept. Here Dual approval is there or only single approval i.e. MORE THAN 75% of voting share . Pls clarify ?

  • Person not entitled to file application
    by Gautam on Saturday, November 10, 2018  at 03:13 PM

    Dear Sir, As per Sec.11 (b) of IBC, it is written that -- a corporate debtor having completed corporate insolvency resolution process twelve months preceding the date of making of the application; is not entitled to make application for CIRP. Query- If CIRP is UNSUCCESSFUL, It will result in Liquidation & if it is SUCCESSFUL, then Debts will be repaid. Pls clarify that under both situation NO CORPORATE DEBTOR WILL AGAIN FILE APPLICATION FOR CIRP. THEN why such a provision is there ??

  • IBC
    by Vivek on Friday, November 09, 2018  at 06:21 PM

    Dear Sir, A Financial creditor has sent demand notice of Rs.10 crores to a company (Corporate debtor) for claim. At the time of filing the application under IBC, he REVISES the claim TO RS.18 crores as IT WAS OF THE OPINION THAT default of Rs.18 Crores only.Query- Whether this REVISION of CLAIM BY THE FINANCIAL CREDITOR IS LEGALLY ACCEPTABLE ?? 2) Can he revise the claim in this way ?? If yes, pls tell the provisions in this regard ??

  • IBC
    by Vivek on Friday, November 09, 2018  at 06:12 PM

    Dear Sir, Mr.A has booked a flat by giving a payment of Rs.20 lacs. Rs.30 lacs is payable at the time of possession of the flat. Till the time of possession, builder will pay Rs.82000 per month as ASSURED RETURN to Mr.A. Assured return was NOT PAYABLE to Mr.A. SO, HE DECIDES To File an application to initiate Corporate Insolvency resolution process.Query- Whether his application for initiating CIRP is correct ?? 2) Can he file it ?? Pls tell the provisions

  • IBC
    by Chirag on Thursday, November 08, 2018  at 09:35 PM

    Dear Sir, As per Sec.24 of IBC, a Financial Creditor (FC) may appoint an insolvency professional OTHER THAN RESOLUTION PROFESSIONAL to represent such creditor in meeting. Query- What is the Role of The NEW ADDITIONAL insolvency professional appointed by Financial creditor ?? 2) Why will a creditor appoint such new insolvency professional??

  • CIRP
    by Kamal on Thursday, November 08, 2018  at 10:45 AM

    1). Personal properties of promoters given as a “Security” to Banks – whether subjected to moratorium 2). Whether on occurrence of default in repayment to creditor, insolvency resolution process against guarantor could be initiated 3). where corporate applicant was declared sick by BIFR and notice was issued on it under SARFAESI Act and applications of banks were pending before DRT, whether application for initiating insolvency petition can be admitted

  • Resolution Plan and other approvals
    by Kamal on Saturday, November 03, 2018  at 11:01 PM

    Whether any haircut being offered under resolution plan is also a scheme of arrangement with creditors and hence approval from Tribunal is required under section 230 of the Companies Act, 2013

  • Replacement of RP
    by Shubh on Friday, November 02, 2018  at 12:31 PM

    Can a unsuccessful resolution applicant file an application for removal or replacement of RP in any case

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