PREPACK INSOLVENCY WHY IS PREPACK INSOLVENCY A PANACEA FOR MICRO, SMALL AND MEDIUM CORPORATES. The Scheme in brief: • The borrower has to be a corporate body and must have committed default of a minimum Rs.10 lacs and maximum Rs.1 Cr. • Pass a Special Resolution that the company will file an application before NCLT […]
Summary: In this case, RP filed an application seeking post-facto approval for the payment of pre-CIRP dues, which were made to avoid work stoppage, termination of contracts, invocation of bank guarantees and to maintain the CD as a going concern. Hon’ble NCLT Hyderabad Bench held that: (i) There is no provision under IBC or regulations […]
