Resolution Plan under IBC

Insolvency and Bankruptcy Code, 2016

The NCLAT New Delhi bench of Justice Ashok Bhushan (Judicial Member), Mr. Barun Mitra (Technical Member) and Mr. Arun Baroka (Technical Member) has held that the Resolution Plan even prior to the approval of the Adjudicating Authority is binding inter se the Committee of Creditors (CoC) and the SRA.

It also held that the CoC is clearly not entitled to consider any other request for consideration of any Resolution Plan after it has approved the Resolution Plan, which is pending consideration for approval before the Adjudicating Authority.

Comments

Post a Comment

Popular posts from this blog

Arrest Illegal if reason not informed

Noting that informing an arrested individual of the grounds for their arrest is a fundamental right under Article 22(1) of the Constitution, the Supreme Court today (February 7) stressed that this information must be conveyed clearly and effectively. The Court also emphasized the magistrate's duty to ensure compliance with Article 22(1) during remand, noting that any violation could warrant... The Hon’ble Supreme Court held that in the present matter, although arbitration is not based on consent of the parties but is under the statutory Bye-laws of BSE, application of this test only strengthens our conclusion.  The oral contract of joint and several liability reflects the mutual intention of the parties that the respondents will enter into and perform trading transactions together, even if they are conducted only from one of their accounts, leading to a composite transaction.  The marital relationship of the respondents and them approaching the appellant together as well as op...
Read more