Letter of Intent: An Overview
Meaning A Letter of Intent (or “LOI”) is a pre-contractual document that lays down broad contours of the actual contract between two parties. As the name suggests, it consolidates the “intention” of the parties and specifies the key terms of the contract upfront, thereby aiming to avoid disputes at a later stage. The two parties […]
Understanding Orator Marketing v. Samtex Desinz Pvt. Ltd. & its Implications on the Insolvency & Bankruptcy Code, 2016
Introduction The Insolvency and Bankruptcy Code, 2016 (‘Code‘) holds a significant place in the current legal regime in India, with its main focus being on initiating a quicker winding up procedure for insolvent companies. As per its provisions, it also helps a company in efficiently winding up its activities within six months (or One Hundred and […]
Standard Operating Procedure for Insolvency Resolution and Liquidation against Corporate Persons under the Insolvency & Bankruptcy Code, 2016
Step1: Application: Corporate Insolvency Resolution Process (hereinafter referred to as “CIRP”) may be initiated by any of the following persons: Financial Creditor: A Financial Creditor may, individually or jointly with other Financial Creditors, file an application before the Adjudicating Authority against a Corporate Debtor, for initiation of CIRP. Allottees under real estate projects also fall […]
Liquidation Proceedings under the Insolvency & Bankruptcy Code, 2016
Step 1: Initiation of Liquidation: As per Section 33, in case there is no resolution plan submitted even after the expiry of the maximum permitted time for CIRP/Fast Track CIRP or such plan is rejected due to non-adherence of the requisites mentioned under Section 31, the Adjudicating Authority shall pass an order requiring the Corporate […]
Corporate Insolvency Resolution Process
Res Judicata – Ground to Reject a Plaint?
Introduction Rejection of the application under Order VII Rule 11 of the CPC was the bone of the contention in theSrihari Hanumandas Totala v. Hemant Vithal Kamat & Ors case. The question of law which flows from the present case is whether res judicata can be the basis or ground for rejection of the plaint? The apex court gave finality to the issue […]
Supreme Court order waiver of interest in Loan Moratorium Case
The Supreme Court of India vide an order dated 23rd March 2021 waived interest on interest on the six-month moratorium announced by the Reserve Bank of India in 2020. This was in furtherance of the relief measure it offered to the borrowers in the form of EMI moratorium on all term loans for six-months between […]