Banking Law

The Insolvency and Bankruptcy Code (Amendment) Act, 2020 brought in some changes with respect to the following provisions as stated in the principal Act. These are as follows: 1. Insolvency Commencement Date Earlier, the insolvency commencement date was commenced from the date when the Insolvency Resolution Professional (IRP) was appointed by the adjudicating authority. However, … Read more

Financial Creditor A financial creditor is defined under Section 5(7) of the IBC to mean “a person to whom a financial debt is owed and includes a person to whom such debt has been legally assigned or transferred”. In order to ascertain whether a person is a financial creditor, the debt owed to such a … Read more