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 > Posts tagged "best lawyer for NCLAT Delhi"

Legal Remedies available from Personal Guarantors to Corporate Debtors under the Individual Insolvency Process: Lawyers Advice

While the Insolvency and Bankruptcy Code, 2016 is just a couple of years old, the IBBI has commenced the individual insolvency process under the IBC as well. The Chairman of the IBBI, Ms Sahoo stated that this process has been categorised into three categories which are – Personal guarantors to corporate debtors, Proprietary and partnership firms, The rest of the individuals. By a notification dated 15 November, 2019 as of 1 December, 2019 the Central Government has brought into effect Part III of the IBC, 2016. This article aims to examine the effect of insolvency proceedings of personal guarantors to...

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Laws & Legal Procedure for Voluntary Liquidation of One Person Companies (OPC): Lawyers Advice

The Insolvency and Bankruptcy Code, 2016 not only enables the insolvency proceedings of the insolvents but also contains provisions for solvent entities that want to themselves surrender their and refrain from carrying on their business. This article deals with the legal procedure for such voluntary winding up/liquidation of One Person Companies under the IBC. Governing Laws & Statutes – The Companies Act, 2013 – As per Section 2(62) of the Act, a one-person company is defined as a company which has only one person as member. The Insolvency and Bankruptcy Code, 2016 – • Section 59...

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Initiation of Insolvency Proceedings by Sole Proprietorships under the Insolvency & Bankruptcy Code (IBC) of 2016: Lawyers Advice

The recent conflicting decisions of various benches of the NCLT in India have created ambiguity and confusion as to whether sole proprietorships are covered under Section 3 (23) of the IBC as “persons”, a derivative which determines if they can initiate insolvency proceedings. Hence, this article seeks to examine and elaborate on the same. Sole proprietorship is a form of a business organisation which is owned and managed by one person. These firms aren’t regulated under any one law, thereby making them one of the simplest in terms of registrations and compliances. The Insolvency and Bankruptcy Code, 2016 – •...

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Laws & Legal Procedure for Unregistered Partnership Firms to File for Voluntary Winding-Up: Lawyers Advice

Unlike English Law where registration of partnerships firms is compulsory and a penalty is imposed upon registration, the Indian Partnership Act, 1932 doesn’t make registration compulsory. However, the legal effects of registration and non-registration vary. This article seeks to examine the legal procedure for unregistered partnerships firms to file for voluntary insolvency under the IBC. Before elaborating on the procedures and options available to unregistered partnership firms, it is crucial to analyse the governing statues and the respective sections for a better understanding. They are as follows – The Companies Act, 2013 – Sections 375-378 deal with winding up of...

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Laws & Legal Procedure for a Sole Proprietorship Firm go ahead with Voluntary Filing of Application for Insolvency and Bankruptcy: Lawyers Advice

The Insolvency and Bankruptcy Code, 2016 has been revolutionary for consolidating and bringing forth a single law that governs insolvency and bankruptcy matters. It is segmented differently for the two categories, namely corporates, and individuals and firms. As regards filing of an application by a Sole Proprietorship for its insolvency and bankruptcy is concerned, it can do so by following the provisions laid down in Chapter III of Part III of the Code. It will come under ‘individuals’ since a sole proprietorship is not considered to have a separate legal entity. The same was emphasised in Miraj Marketing Corporation V....

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Laws & Legal Procedure for a One Person Company (OPC) to file for Insolvency and Bankruptcy: Lawyers Advice

The concept of a One Person Company (OPC) is such whose inclusion in the Companies Act, 2013, revolutionized the Corporate field. Section 2(62) of the Act describes it as a company that has only one person as its member. One of its most advantageous aspects lies in terms of the liability, which is limited. The flexible nature of an OPC is why entrepreneurs in their early-stage prefer it over Sole Proprietorship. OPC has been described as a Private Company in section 3(1)(c) of the Companies Act, 2013. And matters relating to insolvency and bankruptcy of such companies are governed by...

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Laws & Legal Procedure for Recovering Outstanding Debts & Unpaid Money: Lawyers Advice

At times money extended to a company or an individual becomes irrecoverable. And various provisions in the law provide for the recovery of such debts. Some of these important provisions that come to the rescue of creditors are listed below: Recovery of Outstanding Debt & Unpaid Money under the Negotiable Instruments Act, 1881The introduction of Chapter XVII containing sections 138 to 147 was done to improve the efficacy of banking operations. Another prominent reason was to prevent the payee from suffering on account of non-payment due to dishonour of cheque. On that account, Section 138 of the Act lists the...

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