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How do I file a case under IBC?

Conducting Corporate Insolvency Resolution Process | IBC

1. Background.
2. Moratorium and public announcement.
3. Public announcement of corporate insolvency resolution process.
4. Appointment and tenure of interim resolution professional.
5. Submission of proof of claims to interim resolution professional.
6. Committee of Creditors (CoC)

Who can file IBC case?

As per law existing upto 28-12-2019, even one single depositor, debenture holder or home buyer could initiate CIRP and harass corporate debtor. Hence, three provisos have been added to section 7(1) of Insolvency Code, 2016, vide IBC (Amendment) Act, 2020, w.r.e.f. 28-12-2019.

How do I file a case under Nclt?

Filing of petition, appeals etc in National Company Law Tribunal

1. Procedure.-
2. Initialing alteration.
3. Presentation of petition or appeal –
4. Number of copies to be filed.
5. Lodging of caveat.
6. Endorsement and Verification.
7. Translation of document.
8. Registration of proceedings admitted.

What is the application procedure for Cirp under IBC 2016?

For initiating CIRP, The Corporate Debtor has to make an application in Form-6 with prescribed fees i.e. Rupees Twenty Thousand Only before the Adjudicating Authority. Before initiating CIRP, a special resolution must be passed by the shareholders of the Corporate Debtor.

How many stages are there in the process of insolvency?

Corporate Insolvency Resolution Process. CIRP is fundamentally concluded in six stages, keeping variable factors constant.

What is the applicability of IBC?

Applicability of the Code Any company incorporated under the Companies Act, 2013 or under any previous law. Any other company governed by any special act for the time being in force, except in so far as the said provision is inconsistent with the provisions of such Special Act.

Who can file before NCLT?

)Financial creditor or b)Operational Creditor or c)Corporate itself. Under Section 7 – Financial creditor can, either alone or jointly with others, file an application before NCLT for initiating IRP when default has occurred.

Can an individual file a case in NCLT?

(1) Every petition, application, caveat, interlocutory application, documents and appeal shall be presented in triplicate by the appellant or applicant or petitioner or respondent, as the case may be, in person or by his duly authorised representative or by an advocate duly appointed in this behalf in the prescribed …

Who can file for Cirp?

The Financial Creditor or Operational Creditor can initiate CIRP against the Corporate Debtor and the Corporate Debtor voluntarily itself can initiate CIRP against himself. [1]CIRP cannot be initiated for not paying of interest on the principal amount.

What is Nclt process?

When it is detected during the corporate insolvency resolution process or a liquidation process that the business of corporate debtor has been carried on with the intent to defraud creditors of corporate debtors or for any fraudulent purpose, the NCLT on an application may (i) pass an order that any persons who were …

How to initiate insolvency proceedings under IBC?

Section 7 of IBC describes how financial creditors can initiate insolvency proceedings against a financial debtor. The financial creditor may approach the National Company Law Tribunal (the NCLT) by an application, either by itself or along with other financial creditors or any other person on behalf of the financial creditors.

Can new petition be entertained without record of default under IBC?

No new petition shall be entertained without record of default under section 7 of IBC, 2016. Further, the Authorized Representative/Parties in the cased pending (as on 12.05.2020) for admission under aforesaid section of IBC also directed to file default record from Information Utility before next date of hearing.

What is the time period for IBC application?

In light of the recent amendment to the code, for conducting the entire process a time period is specified which is 330 days. Will Limitation Period apply in IBC? The Limitation period has been made applicable by insertion of section 238A in the IBC. The earlier view was that this would be applicable only for cases arising after the amendment.

Can a petition against an arbitral award be filed under IBC?

Further, It was held in this case that any petition against the arbitral award, filing under section 34 of Arbitration and Conciliation Act, 1996, itself indicates pre-existence dispute which resulted in its first stage as an award. And, IBC proceedings can only be initiated upon all the provisions of appeal that have been used or are exhausted.