The object of this article is to analyze the implication of the increase in threshold for invoking The Insolvency and Bankruptcy Code (IBC). It further looks into some of the burning legal questions that have emerged in the aftermath of the increase and how Tribunals and Courts across the country have decided upon them.
Kerala HC stays NCLT order holding that MCA’s March 24, 2020 Notification raising the threshold limit for insolvency proceedings to Rs. 1 Cr.
NCLAT dismisses appeal against NCLT order initiating CIRP against the Corporate Debtor for Rs. 90 lakh default, on coming to a definite conclusion that MCA notification increasing the default threshold to Rs. 1 Cr.
These are basic rules of Interpretation of law. They follow the principle of statute shall be read as a whole and should confer benefits to the people
Signature ad Referendum
A representative may sign a treaty "ad referendum", i.e., under the condition that the signature is confirmed by his state. In this case, the signature becomes definitive once it is confirmed by the responsible organ.
[Art.12 (2) (b), Vienna Convention on the Law of Treaties 1969]
The 10 key contract clauses are:
1 Parties : While it seems pretty basic one of the key terms in all of your contract is who are the parties.
Who is legally bound to the agreement?
This becomes particularly important with respect to personal liability. Is an LLC or a corporation bound to the contract or is the individual bound to the contract? This could make a big difference in the event of a litigation. You can generally only sue the party that signed the contract — so that makes a big difference.