Insolvency and Bankruptcy Code, 2016, Section 43(3) -- `Preferential transactions and relevant time' - Excludes some of transfers from ambit of S.43(2) are: (a) transfer made in ordinary course of business or financial affairs of corporate debtor or transferee; (b) transfer creating security interest in a property acquired by corporate debtor to extent that such security..........
Insolvency and Bankruptcy Code, 2016, Section 43 -- `Preferential transactions and relevant time' - Corporate debtor shall be deemed to have given preference at a relevant time if the twin requirements of S.43(2)(a) and S.43(2)(b), coupled with applicable requirements of either S.43(4)(a) or S.43(4)(b), as the case may be, are satisfied...........
Insolvency and Bankruptcy Code, 2016, Section 43 -- `Preferential transactions and relevant time' - Corporate debtor shall be deemed to have given preference at relevant time if: (a) transaction is of transfer of property or interest thereof of corporate debtor, for benefit of a creditor or surety or guarantor for or on account of an antecedent financial debt or..........
Insolvency and Bankruptcy Code, 2016, Section 43 -- `Preferential transactions and relevant time' - Since S.43(2) and 43(4) are deeming provisions, upon existence of ingredients stated therein, legal fiction would come into play; and such transaction entered into by corporate debtor would be regarded as preferential transaction with attendant consequences as per S.44 of..........
Insolvency and Bankruptcy Code, 2016, Section 43 -- `Preferential transactions and relevant time' - Excludes some of transfers - Transaction such deemed preference may yet not be an offending preference, if it falls into any or both of exclusions provided by S.43(3) are: (a) having been entered into during ordinary course of business of corporate debtor; or (b) transferee..........
Insolvency and Bankruptcy Code, 2016, Section 43 -- `Preferential transactions and relevant time' - If transaction entered into by corporate debtor is not falling in either of exceptions provided by S.43(3) and satisfies three-fold requirements of S.43(4) and S.43(2), it would be deemed to be preference during relevant time, whether or not in fact it were so; and whether..........
Insolvency and Bankruptcy Code, 2016, Section 43(2), 45, 66 -- `Preferential transactions and relevant time' - Mortgage of property to creditor - JAL (Jaiprakash Associates Limited) owned 71.64% of shares of JIL (Jaypee Infratech Limited) - JIL was declared NPA by LIC and by some of its other lenders - IDBI Bank Limited instituted petition u/S.7 of IBC before NCLT, seeking..........
Insolvency and Bankruptcy Code, 2016, Section 43, 44 -- `Preferential transactions and relevant time' - Submissions of respondents that in view of look-back periods provided in S.43(4) of Code, by their very nature, would come into operation at least one year after enactment of Code and else, it would be giving retrospective effect to these provisions which is not..........
Insolvency and Bankruptcy Code, 2016, Section 43, 44 -- `Preferential transactions and relevant time' - Look-back period is two years preceding insolvency commencement date - Mortgage deeds entered between December, 2016 to May, 2017 - 09.08.2017 is insolvency commencement date - Contentions of respondents that transactions were not of creation of new mortgage deeds rather..........
Insolvency and Bankruptcy Code, 2016, Section 43(3)(b) -- `Preferential transactions and relevant time' - Exception - Transfer creating a security interest in property `acquired' by corporate debtor is not to be treated as preference to extent that such security interest secures `new value' in monetary terms or in terms of goods, services or new credit or in release of a..........
