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Query Posted : 268
Query Replied : 268
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  • Parallel Proceedings
    by Rohan on Friday, September 25, 2020  at 08:04 PM

    Greetings Sir! I'm a law student preparing for my moot. A/C to the moot proposition CIRP has been already been initiated against the corporate debtors and the creditors are also initiating against the corporate guarantors. Are there arguments for the protection of personal guarantors against parallel proceedings against other than the Piramal case? Regards.

  • Parallel proceedings
    by Rohan on Thursday, September 24, 2020  at 11:50 AM

    1Sir, can there be parallel proceeding initiated by the same corporate creditor against the corporate borrower and a personal guarantors? 2The creditor is already getting enriched through the resolution plan being implemented due to the CIRP of the corporate borrower. A/c to the resolution plan the money had to be paid within 180 days but before the exhaustion of this date the corporate borrower asked the personal guarantors to pay and on their refusal initiated insolvency process. Is it valid?

  • IBC
    by Vivek on Saturday, August 29, 2020  at 12:33 AM

    Dear Sir, As per Explanation to Regulation 3 of IBBI regulation-- A person shall be considered independent of the corporate debtor, if he... Query- Here," A PERSON & HE" means which of the following-- a) Person proposed as Resolution professional, OR b) person proposed as Resolution professional + all his partners+ directors of insolvency professional entity ?? 2) If CIRP period of 180 days is extended by 90 days, then moratorium will also be automatically extended ??

  • IBC
    by Vivek on Friday, August 28, 2020  at 09:43 PM

    Dear Sir, A co. has 3 Financial Creditors. During CIRP, the company settled the claims of all the Financial Creditors. Whether such settlement agreement can be termed as a valid resolution plan ?? 2) A Financial creditor in respect of whom there is no default can file application for initiating CIRP against corporate debtor ??

  • CSR
    by Vivek on Wednesday, August 26, 2020  at 01:22 AM

    Dear Sir, If a co. is engaged in manufacturing of notebook. It provides the notebook at a very discounted price say at Rs 5/10 per note book to a school for CSR purposes. Note- They sell such notebook for Rs 60 in market. Query- Can this be regarded as CSR activity ?? 2) If in a FY, CSR expenditure is 1% only. And in next yr, CSR is not applicable on co. Query- Then When balance 1% of exp should be done for CSR ?

  • Regulation 32, 32A and 32B of Liquidation Regulations
    by Kamal Garg on Monday, August 17, 2020  at 11:05 PM

    Sir During liquidation, can sale of corporate debtor as a going concern be made to the persons who are disqualified under section 29A

  • Moratorium
    by Vivek on Saturday, August 15, 2020  at 02:00 AM

    Dear Sir, If past dues are not paid then electricity connection can be cut by electricity co. during moratorium ?? 2)If current dues are not paid then electricity connection can be cut by electricity co. during moratorium ?? 3) Past dues to Govt like Rent etc is not paid, then Govt can take action in moratorium ??

  • Sec 11
    by Vivek on Friday, August 14, 2020  at 10:16 PM

    Dear Sir, If a corporate debtor is undergoing a CIRP, then he cannot file for CIRP. Query- I can't understand why will a corporate debtor who is undergoing a CIRP will file for its CIRP again ?? 2) Pls explain clause c of sec 11 ?? Can't interpret it ...

  • Loan
    by Vivek on Wednesday, August 12, 2020  at 02:24 PM

    Dear Sir, In Dollar denominated Loan,amount will be raised in ANY CURRENCY OTHER THAN Dollar ( say Rupees or Euro) But Repayment of such loan should be made in $. Am i right sir ?? 2) In Rupees denominated Loan, Amount will be raised in a currency other than Rupees. Am i right ?? Thanks sir..

  • General
    by Vivek on Tuesday, August 11, 2020  at 09:52 PM

    Dear Sir, Pls tell the difference between the following Rule of Interpretation -- Noscitur a sociis & Ejusdem Generis ? 2) Sir, Need your advise on the following- One of the Advocate told me that- For FEMA (External Commercial Borrowings), In Rupees Denominated Loan/Bond-- MONEY IS RAISED IN A Currency OTHER THAN RUPEES (say $, Euro ) , But REPAYMENT OF Loan/Bond is made is Rupees. Is he correct ??

  • Moratorium
    by Vivek on Monday, August 10, 2020  at 08:50 PM

    Dear Sir, Normal Purchase/sale of goods is allowed under moratorium ?? 2) Entering into any agreement (like rent agreement) is allowed under moratorium ?? 3) If Director has given guarantee for the loan taken by company, can the bank recover loan from Director, even if the company is under moratorium ?? 4) If a company does not pay to Electricity company, then company shall cut the electricity connection even if the company is under moratorium ??

  • IBC
    by Vivek on Monday, August 10, 2020  at 08:45 PM

    Dear Sir, Can operational creditor file application for insolvency jointly ?? 2) If yes, Pls tell under which provisions ?? 3) If Financial Creditor file application for insolvency jointly, then whether threshold limit of Rs 1 lacs should be considered SEPARATELY OR ALL THE APPLICANTS TOGETHER ??

  • Holding Co in CIRP Process
    by Sandeep on Wednesday, July 15, 2020  at 09:37 AM

    ABC Co. is in CIRP has a Subsidiary XYZ Co. When Holding Co is resolved the owenership of Subsidiary will also get Transfered ? XYZ is doing Construction of a building What would be position of Flat Buyers in XYZ Project XYZ has sold same flats to 2 or more. What would be the Position of Flat buyer if same flat 101 is Alloted to Suresh, Agreement done with Mahesh & Registered with Rakesh. Amongst the Three who is safe & who not in 3 investors assuming no new money coming to complete the Project

  • Safety of Flat Owner in CIRP of Builder
    by Sandeep on Wednesday, July 15, 2020  at 09:19 AM

    ABC Co. a builder in CIRP it has 2 residential projects I fully complete but OC pending & Proj II only 20% complete. It has Project Loan 20 Crs, ADF Facility agst sold flats 10 Cr & 10 Crs Other flat buyers Some PAid full amounts in Project I & some 50-80% in Project II.If CIRP is Resolved at Rs.10 Crs . Query 1.In what proportion will distribution be done since all are FC's 2. Position of Buyers in Project 1 paid full & Project 2 3. Will it make diff if some Flats are Registered & some not ?

  • CIRP Employees Dues
    by Sandeep on Tuesday, July 14, 2020  at 02:12 PM

    ABC Co.CIRP had FC secured 9 Cr & Employee Liability 1 Cr & OC's 5 Crores. The Resolution recd & accepted by COC 4.5 r wherein they have deciced to pay zero to O. Query 1. Will the entire amount 4.5 Cr go to theFC only. 2. If Yes that means employees past dues will become NIL being OC ?? 3. Isn't that injustice to employees they otherwise would have got equal percentage to FC dues if the Co. would have gone in Liquidation ?? Your Reply NCLT will reject the scheme Q-Reject Why which provision??

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