Judgements

Financier Can’t Claim Status Of ‘Secured Creditor’ If Hypothecation Charge Is Not Registered Under Companies Act 2013 & IBC: NCLAT

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Judgements

Allowed the filing of an application under Section 7 of the Code despite the fact that the Company Court had passed a winding up order against the corporate debtor. Held that a proceeding under Section 7 of the Code is an independent proceeding and has an overriding effect over winding up proceedings under the Companies Act, 2013.

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Judgements

If the RP is unable to form an opinion regarding preferential, undervalued, extortionate or fraudulent transactions within the timeline stipulated under Regulation 35A of the Insolvency and Bankruptcy Board of India (Corporate Insolvency Resolution for Corporate Persons) Regulations, 2016 (CIRP Regulations), it can approach the adjudicating authority for appropriate relief under the provisions of law, but an application for exclusion of time till the availability of books of accounts and details from the personnel of the corporate debtor in order to form an opinion, will not be the appropriate course of action.

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