he Hon’ble NCLAT accordingly held that the total amount for maintainability of claim would include the principal debt amount as well as the interest on delayed payment, which was also clearly stipulated in the invoice.
Acknowledgment Of Liability And Limitation – Avoid Getting Caught Into The Legal Quagmire
The issue whether entries/ disclosures made in financial statements could be construed as an “acknowledgment” under Section 18 of the Limitation Act, came up for consideration before NCLAT. While this issue had been previously considered by various courts and tribunals, there was some ambiguity...
Cheque Bouncing vs Insolvency – Whether Moratorium is a Boon or Curse?
However, the Apex Court also, observed that the moratorium provision under Section 14 of the Code would apply only to the corporate debtor while the natural persons mentioned under Section 141 of the NI Act continue to be statutorily liable under the NI Act.
Covid -19 Update: Extension of application of IBC Amendment Act 2020
The government, sensitive to the hindered cash flows of various companies, has by now introduced three amendments to ameliorate the situation.
Securing Payments Of Parent Company By Subsidiary Under Insolvency – Whether Preferential Transaction
Therefore, the Apex Court overturned the order of NCLAT and held that the said mortgage transaction done was a preferential transaction under Section 43 of the IB Code, without considering it necessary to deal with whether these transactions are undervalued and/or fraudulent.
Covid-19 Update: Suspension on fresh Initiation of Insolvency Proceedings – IBC Ordinance 2020
While the move taken by the Government may offer relief to stressed companies, certain provisions in the Ordinance can spring unwarranted consequences and open up the possibility of gross misuse of the leeway by wilful defaulters and fraudulent promoters.