In a recent order admitting a petition for insolvency resolution filed by Essar Projects India Limited (Operational Creditor) against MCL Global Steel Private Limited (Corporate Debtor), the National Company Law Tribunal (Mumbai Bench) (NCLT) has clarified what constitutes a ‘disputed debt’ within the meaning of Sections 8 and 9 of the Insolvency and Bankruptcy Code, 2016 (Code) and Rule 5 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.
Facts of the case
Background
The Board constituted under the chairmanship of Mr MS Sahoo has recently rejected an application for registration as an insolvency professional (IP) under regulation 7 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 (IP Regulations) through its first regulatory order.
Factual Matrix
Background
Background
Background |
Background
UPDATE
THE INSOLVENCY AND BANKRUPTCY CODE, 2016 - NEW ROAD AND NEW CHALLENGES
25 May 2016
Introduction
A higher education institution which refuses to provide a debtor alumna with a graduation transcript violates the automatic stay provisions of the Bankruptcy Code, 11 U.S.C. § 362(a). So says the United States Bankruptcy Court for the Middle District of Pennsylvania in California Coast University v. Jamie Sue Aleckna, Chapter 13, Case No. 5-12-BK-03367. The Bankruptcy Court, citing a Massachusetts bankruptcy court case, In re Parker, 334 B.R. 529 (Bank. D. MA.