Rakesh Kumar Paul v. State of Assam [AIR 2017 SC 3948]

Brief Facts of the Case Date Particular of Events 27.10.2016 First Information Report (FIR) filed against the Petitioner under provisions of Prevention of Corruption Act, 1988 (PC Act) and Indian Penal Code, 1860. 05.11.2016 Petitioner was taken into custody pending further investigation. 20.12.2016 Petitioner applied for bail before the Special Judge but the application was … Read more

Insolvency and Bankruptcy Code (Amendment) Act, 2020

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 and Operational Creditors under IBC

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