EVENTS IN THE RECENT PAST
Events in the Recent Past The position of home /flat buyers have been debated in the recent past at different forums including in some decisions of Adjudicating Authority under Insolvency and Bankruptcy Law, however there is no clarity so far and the worried home buyers are knocking doors here and there including Supreme Court of India in the cases of Jaypee Infra and Amrapali Group of Companies. The Regulator i.e. IBBI also created a third category of creditors and introduced a new Form ‘F’, which was perceived as if this new form is prescribed for home / flat buyers without any such indication by IBBI ……
After a CIRP application is admitted and moratorium under section 14 is declared, insolvency period commences. Section 18(1)(b) provides that it is the duty of the
Interim Resolution Professional appointed to constitute a committee of creditors comprising of all financial creditors of the corporate debtor on the basis of the claims received and collated by him, pursuant to the public announcement.
The IRP and RP receive various claims from financial creditors, operational
creditors, workmen, employees and also from government authorities which are
Government had formed a committee led by Sunil Mehta comprising of chairman of three large banks to come out with a quick solution. The committee took less than a month’s time to come out with the scheme named “SASHAKT”. The committee had submitted its recommendations suggesting a five-pronged approach to pull the abysmal banking sector out of mounting non-performing assets. The purpose is to retain asset value of the stressed company.
The stressed companies have been divided into three categories, smaller assets having exposure of upto 50 crores, mid sized assets having exposure of 50 to 500 crores and large assets….
Bonds are financial instruments issued by companies. Companies issues bonds at a fixed rate of interest to meet its financial requirements. Bonds are repayable after a stipulated time period and interest is generally payable on regular intervals or on a cumulative basis as per the terms of issue. Usually, the bonds are also listed on stock exchanges and due to its credibility, bondholders can exit investment without a lock-in period. Trustees are appointed for the bonds and certain powers are delegated to them, which they can exercise on the decision of majority or specified number of bondholders