IB Code definition
Examples of IB Code in a sentence
It held that Section 14 of the I&B Code would not apply to proceedings which are in the benefit of the corporate debtor as the conclusion of such proceedings would not endanger, diminish, dissipate or impact the assets of the corporate debtor in any manner whatsoever.
The learned counsel for the petitioner has argued that even though in paragraph 22 of its order, the learned Tribunal has observed that strictly speaking a counterclaim is in the nature of a suit against the corporate debtor under Section 14(1)(a) of the I&B Code 2016 and strictly speaking is a "proceeding" during the moratorium period, yet he concludes that he must still go on with such proceedings because of Section 23(2) A of Act of 1996.
It was submitted by the learned counsel for the respondent that the arbitration proceedings had not yet reached a stage which can be said to be in violation of Section 14 (1) a of the I&B Code.
The meaning and purpose of subclause (a) of Section 14 (1) of the I&B Code has to be considered along with and in the context of subclause (b),and (c) and (d) of Section 14 (1) of the I&B Code also.
The question that arose was whether the adjudication of the counterclaim would be liable to be stayed in view of Section 14 of the I&B Code.
On the date of approval of the Resolution Plan by the Adjudicating Authority, all such claims which are not part of the Resolution Plan, shall stand extinguished and no person will be entitled to initiate or continue any proceedings With respect to a claim which is not part of the Resolution Plan; that the 2019 Amendment to Section 31 of the I&B Code is clarificatory and declaratory in nature and therefore will be effective from the date on which the I&B Code has come into effect.
The constitutional validity of Section 4 and 6 of the I&B Code (Amendment Act of 2019) had also been challenged.
The IRP on collation of all claims was required to constitute a Committee of Creditors under Section 21 of the I&B Code.
The facts as are necessary to determine the context in which observations in paragraph 107 and 127 of the judgement have been made in brief are; that several appeals and petitions were before the Supreme Court with respect to the role of Resolution Applicants, Resolution Professional, the Committee of Creditors which are constituted under the I&B Code.
It has been argued that the learned Tribunal has observed in para 23 of the impugned order that after determination of the counterclaim when the amount is determined and the execution proceeding starts at that stage the provisions of Section 14 of the I&B Code is to be looked into.