A 'Connected Person' under the IBC often refers to a person within the immediate company network. The definition highlights one key differentiator: the existence of a personal relationship between the company and the person. Read on to understand the nuances of identifying a Connected Person.
Section 29A is a restrictive provision and specifically lists down the persons who are not eligible to be resolution applicants. It is relevant to the sale during liquidation, as well as sale outside the liquidation process.
The Insolvency and Bankruptcy Code, 2016 (IBC) is the umbrella law for insolvencies and reorganizations in India. Although, insolvency proceedings are considered a debt recovery tool. However, it has only been enacted for reorganization and insolvency resolution of the corporate debtor.
In the present case, the NCLT referred the parties to arbitration, but it is crucial to throw light on the fact that it didn’t hold that the Arbitration Act would prevail over IBC.
The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020 seeks to curb the social and economic distress caused by COVID-19, and rescue defaulters. This article seeks to analyze the benefits and the glaring ambiguities arising from the ordinance.
IBC is fueling mergers and acquisition transactions in India. Learn about IBC and how it is changing the M&A landscape in the country.
The definition of "undischarged insolvent'' is not specific in IBC. An undischarged insolvent is a person who has been adjudged as bankrupt by a bankruptcy order under section 126.