THE INSOLVENCY AND BANKRUPTCY CODE (IBC) AND THE STATE REGULATORY AUTHORITY (SRA) CAN HAVE CONFLICTS IN HOW THEY HANDLE CORPORATE INSOLVENCY.
The Slum Rehabilitation Scheme (SRS) and the Insolvency and Bankruptcy Code (IBC) are different frameworks that are used to address housing issues and insolvency. Slum Rehabilitation Scheme (SRS) A PPP scheme that encourages private developers to invest in slum rehabilitation projects The Slum Rehabilitation Authority (SRA) oversees, coordinates, and approves the SRS The SRS offers extra Floor Square Index (FSI) to developers in exchange for their investment Insolvency and Bankruptcy Code (IBC) A structured framework that helps resolve insolvencies The IBC aims to recover maximum asset value and resolve distressed entities quickly. The IBC has a stipulated resolution time of 330 days, including litigations POWERS OF SRA Attachment of property The SRA (Slum Rehabilitation Authority) may want to attach property under the PMLA, but the IBC’s Section 32A protects property from confiscation. Pre-CIRP electricity dues The SRA shouldn’t be held liable for pre-CIRP electricity dues once a resolution plan is approved. Stay of acquisition process The RP may want to stay the SRA’s acquisition process, but the HC ruled that the IBC doesn’t allow staying the operation of another law remove defaulting developers under the Insolvency and Bankruptcy Code (IBC). How the SRA can pursue avoidance applications If the Resolution Plan gives the SRA the power to pursue avoidance applications, then the SRA can do so. The SRA can pursue avoidance applications that were filed by the erstwhile Administrator and are pending before the NCLT. How the IBC prevails over other laws The IBC’s Section 238 states that the IBC prevails over other laws in cases of conflict. In the case of Rakesh Kumar Gupta v. Mahesh Bansal, the NCLT ruled that the IBC’s Section 7 can be applied even if there are proceedings pending under other laws. The IBC is a more recent special legislation, so it prevails over earlier laws. However, the IBC is a special legislation that prevails over other laws, including the SRA, in cases of conflict. the Insolvency and Bankruptcy Code (IBC) of 2016 prevails over other laws if there is a conflict, according to Section 238 of the IBC. This means that the IBC takes precedence over any other law, including state enactments. How IBC prevails over other laws. Section 238 includes a “non-obstante clause” that neutralizes any contrary provisions. The IBC’s provisions have effect notwithstanding anything inconsistent with any other law. The IBC’s overriding effect has been upheld by the Supreme Court. Examples of IBC overriding other laws: In Leo Edibles & Fats Ltd v. the Income-tax Department, the court ruled that the IBC overrides the Income Tax Act when determining dues during liquidation. In Alchemist Asset Reconstruction Company Limited v Hotel Gaudavan Private Limited and Others, the Supreme Court ruled that the IBC prevails over state enactments. BUT SLUM LAW AND IBC VIEW OF COURT IS AS UNDER: The provisions of the IBC are not meant to defeat slum redevelopment and similar or allied statutes. To hold otherwise would simply be unthinkable. It would mean that a Writ Court would put a premium on corporate wrongdoing and that even a defaulting corporate debtor who had not complied with the terms of a LoI […]
Read more
ARE LAWS CAUSING THE DESTRUCTION OF THE FAMILY NUCLEUS THREAD?
#BREAKING Union Law Minister Arjun Ram Meghwal confirmed a review of BNS Sections 85 and 86, replicating the repealed IPC Section 498A, due to misuse and inadequate safeguards for men. This is the first review of the new Indian criminal codes, aimed at preventing frivolous complaints while protecting women under domestic violence laws ( 9th January 2025) HINDU MARRIAGES AND LAW – A BRIEF ANALYSIS Why we are discussing this point. Has emotional, civic, cultural and aesthetic moral, values and responsibilities ruptured? Girls are pregnant from illicit or unauthenticated relationship and then when man is not ready to marry, she does two things apply for abortion and FIR for rape. The sense of responsibility towards parents has evaporated? Let’s discuss the various issues. Oyo, a hotel chain has made policy to not to permit couples unless they show marriage certificate. This shows the hotel chain doesn’t want to get involved in criminal and other consequential legal trouble. It says that we are not running a brothel. Hotel authorities are right. But do youngsters understand what path they have chosen? Whether girls understand what matrimonial responsibilities she is objecting is much better than having unauthenticated relationships. In such unauthenticated relation she does not get more than stress, insecurity and no legal rights, sometimes even cut into pieces and thrown in jungle. Misuse of freedom and education will in long run reverse entire process and in future again women will be arrested to household and early marriage. You may say that there is advancement in science but there is no change in biological science. Hindu marriage rituals contains two main ceremony. One is Kanyadaan and another is phera. Marriage has four basic vows. Pious institution of marriage is taken over by physical need. Girls were married at 16 may become right ritual if the trend of unauthenticated relations continue to play real havoc. There are questions asked on social media platforms that does school criminalize love? Those who are involved in school always get married? . All such incidents are not forceful. First phera: The couple prays for nourishment and prosperity, and promises to support each other’s needs and establish a stable home Second phera: The couple prays for strength and courage, and promises to support each other through challenges Third phera: The couple prays for wealth, and asks for the strength to share happiness and pain together Fourth phera: The couple prays for increased love and respect for each other and their families Fifth phera: The couple prays for noble children Sixth phera: The couple prays for a long and peaceful life together Seventh phera: The couple prays for companionship, togetherness, loyalty, and understanding Nowadays youngsters have multiple heart breaks and relationships. Which ultimately leads to mental disorders. Sundown parties and unaccountability take a toll of beautiful life song. Divorces are common and courts also promote by reducing waiting time of six months for mutual divorces. Demand for alimony and maintenance is the main fighting point for which multiple FIRs are filed as per legal advice against husband and his family members. The irresponsibility towards children before coming to conclusion […]
Read more
ARTIFICIAL INTELLIGENCE A BOON OR BANE
INTRODUCTION AI is a blessing for health care. When we are scared of an AI in such an arena if I say it’s a boon then of course I must explain how. In the Western world healthcare is good but the patient has to wait for days or months. While in my Country India, it’s immediate. We just get admission and the next day the patient is operated on. In the West, there is a shortage of human resources. Many countries issue visas for medical and para-medical services with benefits attached. So AI can be a blessing in disguise for the West. Let’s analyze how. FACTS AND TECHNOLOGY In India, for various types of surgeries, doctors are already using robots. These surgeries are complicated like cancer, dental surgeries, stone, spine, etc. These surgeries are affordable because of the use of robots by doctors. It’s called robotic surgery. India is now a medical hub because of its competitive price, availability of doctors, immediate care, and affordability. If AI is brought in, in the medical field many lives can be saved as there will be immediate attention given to the patient. This will help even a person who is going through pain to get early relief. Nowadays there is much discussion on new invention of an AI “eye”. If this EYE is introduced in the medical field then we do not require huge machines like X-rays and MRIs. This will save cost and also space. Especially in metro cities space crunch is always an issue. I understand that this EYE technology will give an instant cause of disease and doctors can treat patients fast. Many patients are scared of huge machines which catch their body in. So this issue of scare will also be resolved. DISCUSSION But with blessings, there are shortcomings too. The question arises when robotic surgery fails. Who is responsible for error done by robots? The hospital? The doctor who was in command of the robot? or the company which designed and activated software and algorithms? Usually, if a surgery is done by a human being a certified licensed surgeon then of course he is liable. But in the case of robotic surgery malfunction maker of the robot company is responsible. Certain fundamental laws are dictums about liability. But it needs to be codified. Certain resolutions are passed by the UN but it is in the nascent stage. CONCLUSION Use technology for the benefit of humankind. As such rockets and bombs are also technology but it’s for destruction. During surgery if the internet signal is lost who is responsible? Well, human race is ready for AI? Surgeries were done even in ancient India. Sushrut Samhita speaks of it. Another question therefore arise is do we need AI? All these questions will be answered with the passage of time. But at present whatever inventions are there in the market it’s a blessing to humankind SHRUTI DESAI 22th June 2023
Read more