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section 7(1)

if CD has defaulted FC an amount 1.2 CR and FC is unable to recover money thereafter FC transfer his right to claim to another FC at 90 lakhs then can the other FC has right to initiate CIRP

Sir i have edition 4 and maine edition6 dekha toh bhoot sare changes hai maine june 26 ki dec 25 ki amendment dekhi thi sir kya mujhe edition 6 bhi dekhni pdegi dec26 ke lie mere ya edition 6 june27 ke lie applicable hai cr and cf dano ke lie bta dijiye plz

sec 7 of IBC,2016

sir i have a doubt jo explanation hai vo to whole 7 (1) ke liye h na that default includes not only 1 cr of applicant but all FCs but sir ussi m jo sec 12 6A (a) and (b) hai and real estate allottees usme to likha h application shall be from jointly 100 in number and 1/10 of total number of allottees /creditors according to explanation 1 applicant sbka default mila ke 1cr hone pr akele application de skta h but sir fir allottees ke case m to shall likha h waha jointly hi dega n ?ki waha bhi is explanation ke hisab se krenge ?

CIRP CHAPTER NO 2 OF IBC CORE

sir my doubt is that if CD has defaulted of more than 1 cr and demand notice is served under sec 8 to cd and he repays 50 lakhs out of it so we will have to wait for another 50 lakh default to initiate cirp

“The procedure for application to initiate Insolvency Resolution Process against a Corporate Debtor by operational creditor differs with application by financial creditors.”

The model answer includes: Existence of default is required in case of Financial Creditor whereas non-existence of dispute is necessary in case of Operational Creditor. But sir default should be there in case both

Corporate Insolvency Resolution Process

As explained the Financial Creditor who files the application can appoint interim Resolution Professional what if there are 2 different FC filing the Application assuming at the same time who will appoint the Resolution Professional

Difference between words

Sir I am confuse with following words and their differences: 1. Insolvency 2. Bankruptcy 3. Strike off 4. Winding up 5. liquidation 6. Dissolution

Interest clubbing in coc meeting

Sir in case where oc are allowed to attend the meeting of coc if there debt is more than 10% of the total debt In this case the interest amount is clubbed with the principal amount to calculate 10%?

Chapter 2 - cirp process

How can anyone raise their objections against cirp actions or in case of any issue related to cirp in NCLT ?

CIRP

Section 14 of ibc, provides that NCLT shall order moratorium to prohibit the recovery of any property by owner or lessor where such property is in possession of corporate debtor But, section 18 of IBC provide that the interim resolution professional shall take control and custody of any asset over with corporate debtor has ownership, but 'assets' shall not include assets owned by third party in position of CD hell under trust or under contractual agreement Question = sir as per section 18 toh Corporate debtor agar rental property pe hai toh moratorium chalu hone ke baad vo 3rd party ki asset ko toh lock nahi hona chahiye ?????

Demerger

Sir my doubt is regarding difference between spin off and split ups

De-minimis exemption

De-minimis exemption me ky dono me se koi bhi assets ya turnover ki limit cross ho jye toh regular combination me jayega ya nhi

section 230 sub section 6 of CA2013

when the tribunal sanctions the scheme along with the members voting. it is given majority of persons representing 3/4th in value of creditor or members or class of creditors or members. Then do we need to break this and read as majority of persons bhi hone chaiye aur sath me 3/4th in value k votes in favor hone chaiye?

Practice questions on financial creditor

Ques : for calculating 1 cr. What we will consider, Total defaulted debt or Total debt. In case debt defaut FC1 :AM bank 30 lakhs. ✓ FC 2:BN finance 40 lakhs. ✓. Defaulted debt : 70 lak FC3 : CP bank 1 cr . × Total debt : 1 cr. 70 lakh Can CP bank initiate cirp ??

Valuation

Sir registered valuer organisation should be a section 8 company, why? while section 8 company is a not profit organisation...

Ibc

If between section 23JB(3) of SCRA AND ibc code Which section will prevail Because both says notwithstanding any other law

CIRP

In a concept of merger amalgamation under section 230/232 of Co. Act 2013 we had studied a concept that even after merger or amalgamation of the company,old suits against the transferor company shall continue after merger or amalgamation.....so if we connect that concept with CIRP and some creditors do not make claim during CIRP can they file suit for claim after the company is acquired by some other company?

section 14(3B)

as per this section, the suit for recovery can be made upon guarantor if the cd is under moratorium. but what if the guarantor is also under moratorium in a separate way of its own. ? can the case be filed?? What is the alternative

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