In a move that will safeguard real estate companies from frivolous litigation, the Supreme Court (SC) has upheld the constitutional validity of the Insolvency and Bankruptcy Code (IBC) amendment that requires at least 100 allottees, or 10 per cent of creditors, to invoke an insolvency petition against a company. A Bench of Justices R F […]
Chandigarh bench of the National Company Law Tribunal (NCLT) has admitted a petition against Omaxe ltd, filed by group chairman Rohtas Goel’s youthful brother and former joint managing director Sunil Goel. “We are of the considered view that the present case is one of the exceptional and compelling circumstances which entitle the applicants for granting […]
The journey of a pre-pack insolvency starts with an informal understanding, engages stakeholders, and ends with a judicial blessing of the outcome The pre pack insolvency scheme, touted as the next stage in the evolution of the Insolvency and Bankruptcy Code (IBC) 2016, will attempt a balancing act, as lawmakers put together an informal arrangement […]