Describe the whole gamut of reliefs that may be granted upon recognition of a foreign proceedings whether main or non-main.
CS Professional · Corporate Restructuring, Insolvency, Liquidation & Winding-up · PYQS · December 2021
Describe the whole gamut of reliefs that may be granted upon recognition of a foreign proceedings whether main or non-main.
Answer & Explanation:
Upon recognition of a foreign proceeding, whether main or non-main, where it is necessary to protect the assets of the debtor or the interests of the creditors, the court may, at the request of the foreign representative, grant any appropriate relief, including: Staying the commencement or continuation of individual actions or individual proceedings concerning the debtor's assets, rights, obligations or liabilities, to the extent they have not been stayed under paragraph 1 (a) of Article 20; Staying execution against the debtor's assets to the extent it has not been stayed under paragraph 1 (b) Article 20; Suspending the right to transfer, encumber or otherwise dispose of any assets of the debtor to the extent this right has not been suspended under paragraph 1 (c) of Article 20; Providing for the examination of witnesses, the taking of evidence or the delivery of information concerning the debtor's assets, affairs, rights, obligations or liabilities; Entrusting the administration or realization of all or part of the debtor's assets located in this State to the foreign representative or another person designated by the court; Extending relief granted under paragraph 1 of Article 19; and Granting any additional relief that may be available to a person or body administering a reorganization or liquidation under the law of the enacting State under the laws of that State.
Topics: Insolvency and Bankruptcy Code, 2016
Related Questions in this Topic
- Prabhu Polyesters Ltd. is undergoing Corporate Insolvency Resolution Process as per Insolvency and Bankruptcy Code, 2016...
- Section 81 of the IBC 2016 provides for the imposition of an interim moratorium. The purpose of the interim moratorium i...
- What are the duties of resolution professional before initiation of pre-packaged insolvency resolution process ?
- A director of a company in CIRP had moved the Hon'ble NCLT, Mumbai Bench, seeking the right to participate in the meetin...
- "One of the main functions of the committee of creditors (constituted by the Interim Resolution Professional under secti...