Table of Contents
Has section 243 of IBC been notified?
The Supreme Court noted that Section 243, which provides for the repeal of the personal insolvency laws has not been notified. It was noted that Section 238 gives the IBC an overriding effect over the other prevailing enactments and may be this is the rationale for not notifying Section 243.
What is Section 32A IBC?
Section 32A aims to detach all liability associated with the corporate debtor and their property and assets to prevent attachment or confiscation of the same which would defeat the object of the Code.
Can Nclt order be challenged?
An order passed by the NCLT is appealable to the NCLAT under Section 61 of the Code and the orders of the NCLAT are amenable to the appellate jurisdiction of the Supreme Court under Section 62. 8.
Who are personal guarantors?
As per the IBC, ‘Personal Guarantor’ means an individual who is the surety in a contract of guarantee to a corporate debtor. ‘Corporate Debtor’ means a corporate person who owes a debt to any person.
What is insolvency commencement date?
insolvency commencement date means the date of admission of an application by the Adjudicating Authority for initiating the insolvency resolution process under Chapter III of Part III of the code.
Who is a resolution applicant IBC?
Resolution Applicant means a person who individually or jointly with any other person, submits a resolution plan to the resolution professional pursuant to the invitation made under clause (h) of sub-section (2) of Section 25. No changes to the IBC Ordinance have been made.
What is IBC Upsc?
The IBC was enacted in 2016, replacing a host of laws, with the aim to streamline and speed up the resolution process of failed businesses. The Code also consolidates provisions of the current legislative framework to form a common forum for debtors and creditors of all classes to resolve insolvency.