KMLAWASSOCIATES 5a12e609d5dcff0b483bda48 False 124 1
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NCLT AND INSOLVENCY 1. The insolvency and bankruptcy code was enacted with an objective to find solutions for stressed assets which may have arisen out of non performing assets and liquidation was to be the last resort. 2. NCLT is quasi judicial authority for dealing with corporate disputes which are of civil nature arising under the Companies Act. Although raison 'd' etre of NCLT is to work like normal court of law without any bias and in accordance with principles of natural justice, it's order could assist any resolving a situation or rectifying any wrong done by any corporate. NCLT is empowered to cancel the registration of the company and to dissolve it. 3. The future of big ticket stressed accounts with loans of over Rs. 4 trillion is uncertain and resolution may not be in the offing. Lenders are left with no choice but to take such companies to bankruptcy Court. The big question is who is taking over these companies? what are the credentials of the Companies who have become predators. We at Km Law Associates are keeping a complete track of such companies which are sitting pretty on NCLT shoulders like hawks, waiting for the pray to fall in their lap. Km Law Associates are the corporate advisors for some of the companies who have been taken to NCLT by banks and creditors and have given credible solutions.

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“We’ll cross that Bridge when we come to it .” This seems to be the approach adopted by the apex court while hearing on the issue challenging validity of section 377 IPC which criminalises consensual sex between two adults of same gender. The apex court has stated that reference order is limited to deal with whether Section 377 IPC is Ultra vires the constitution hence nothing else will be debated in this matter and all other rights and issues can be discussed when 'lis ' litigation comes before it. The responsibility of changing the law rests with lawmakers and not the courts , hence the lawmakers need to keep in mind and address the obvious issues which will crop up with the opening of this Pandora’s box while scrapping and drafting new laws. Lawmakers need to address the issue in a much larger way beyond the realm of sexual orientation . A new era will be ushered in India with the scrapping of section 377 IPC giving rise to a whole new set of legal problems as our society is bound to get destabilized . The lawmakers need to ponder deeply on questions like inheritance to live in partners or whether they can marry, right to cohabit , rape in same gender relationships .Scrapping of section 377 IPC is bound to give a cover to paedophiles and rise in HIV . If legitimized , it will give rise to a new breed of sex workers and also affect the Institution of marriage as hetrosexual married men/women may engage in consensual homosexual acts . Also, interest of members of armed forces, prison inmates , hostels etc need to be considered well in advance before our courts get flooded with litigation on above mentioned grounds.

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