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Gaurav Rana

Latest Posts by Gaurav Rana

IBC 2020 Amendment Is Valid : Supreme Court

January 21, 2021 2226 Views 0 comment Print

Ashutosh Gupta & Gaurav Rana Supreme Court provided a window of two month from the order to the applicants/homebuyers to approach the NCLT after complying the first or second proviso to Sub-Section 1 to Section 7 of the IBC. The Supreme Court on Tuesday in batch matters lead by Manish Kumar Vs UOI WP(C) No. […]

Whether Approval of Resolution Plan extinguishes Guarantor’s Liability & His Subrogation Right?

April 30, 2020 8526 Views 0 comment Print

In this article we will be discussing aforesaid Moot Question, and consciously examine the impact of approval of the Resolution Plan on guarantor’s subrogation right i.e. right of indemnification from principal debtor as well.

Is statement made in auditor report is acknowledgment of debt under IBC

April 24, 2020 3885 Views 0 comment Print

In the present case the Auditor Report categorically states it has relied on the information provided by the management of the Company and as per the management there was no default in the repayment of loans or borrowings to financial institution. However, the Company has failed to repay its dues to bank and has been declared as NPA by bank and the matter is lying with Debts Recovery Tribunal.

Can A Liquidator & RP initiate CIRP against other Corporate Debtor

April 19, 2020 8598 Views 2 comments Print

Ashutosh Gupta and Gaurav Rana MOOT QUESTION VI, CAN A LIQUIDATOR AND RP INITIATE CIRP AGAINST OTHER CORPORATE DEBTOR. Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019 (“Ordinance”) promulgated on 28th December, 2020, has not only brought, changes in respect to home buyers but also clarity in respect to powers and rights as entrusted upon the […]

Whether Acknowledgment of Debt extends Limitation Period under IBC

April 12, 2020 8856 Views 0 comment Print

Thus in cases of Section 18 of Limitation Act, liberal approach must be taken while considering the acknowledgment and no hard and fast rule can be applied to ascertain whether statement is acknowledgement or not, it solely depends on the circumstances under which it is made. 

IBC 2016: Format of Demand Notice – Mandatory or Directory?

April 4, 2020 21687 Views 1 comment Print

NCLAT held it is not discretionary on the Operational Creditor to issue demand notice in form 3 or 4, issuance of the said form depend on the nature of transaction, like in the cases wherein invoice forms part of the transaction then FORM 4 has to be followed in other cases FORM 3 has to be followed.

Is it Mandatory to issue notice for dispute in reply to Demand Notice for raising dispute under IBC

March 17, 2020 18402 Views 0 comment Print

In this article we would be discussing the third moot question i.e. is it mandatory to issue notice for dispute in reply to demand notice for raising dispute under IBC

Whether Loss or Damages or interest is Operational Debt as defined under IBC

March 12, 2020 8202 Views 1 comment Print

As per Operational Creditor, Flipkart took delivery first few batches of LED TVs and later on refused to take delivery on the ground of lack of warehouse space. In good gesture Operational Creditor warehoused the LED TVs for a temporary period. For said period Operational Creditor had paid excess custom duties. Flipkart had failed to collect more than 70% of the stock as ordered by them till March, 2018.

Whether Claims towards Outstanding Rent is Operational Debt under IBC

February 19, 2020 7731 Views 2 comments Print

This article deals with the most mooted question(s) of the recent past i.e. whether claims towards outstanding rent is operational debt as defined under Insolvency Bankruptcy Code, 2016

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