Open Access Research Article
Reverse Corporate Insolvency Resolution Procedure: An Analysis (By Anjali Sharma)
Published Paper
Article Details
The theoretical
analysis of the reverse business insolvency process certainly looks quite
promising. Additionally, an important aspect of the reverse CIRP is the option
to claim reimbursement of the full amount that was not made available to the
successful allottees. However, after offering allotment, an allottee can ask
the Interim Resolution Professional/Promoter, who is in charge, to find out the
third party to buy said flat / apartment and recover the money or the allottee can
find a buyer in the market and may request the resolution professional or
successful resolution applicant to acknowledge the transfer in the records of
the Corporate Debtor. In addition, it specifies the claim of allottee on the
claim of other financial creditors such as "financial institutions /
banks".
These financial creditors will not receive the
asset (flat / apartment) in preference to the allottees for whom the project
was approved. Allottees' claims must first be satisfied by handing over possession
to them
Article Information
Reverse Corporate Insolvency Resolution Procedure: An Analysis (By Anjali Sharma)
Author
Name:
Title:
Email
Id:
- Journal IJLRA
- ISSN 2582-6433
- Published 2022/04/15
About Journal
International Journal for Legal Research and Analysis
- Abbreviation IJLRA
- ISSN 2582-6433
- Access Open Access
- License CC 4.0
All research articles published in International Journal for Legal Research and Analysis are open access and available to read, download and share, subject to proper citation of the original work.
Disclaimer: The opinions expressed in this publication are those of the authors and do not necessarily reflect the views of International Journal for Legal Research and Analysis.