Once Resolution Plan Is Approved By CoC & Submitted To Adjudicating Authority For Approval, No Other Plan Can Be Considered By CoC: NCLAT
1 month, 1 week ago

Once Resolution Plan Is Approved By CoC & Submitted To Adjudicating Authority For Approval, No Other Plan Can Be Considered By CoC: NCLAT

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The NCLAT New Delhi bench of Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has held that the Resolution Plan even prior to the approval of the Adjudicating Authority is binding inter se the Committee of Creditors and the SRA. Contentions: The appellant submitted that the Appellant is a Promoter of the CD and is ready to carry out the construction and development of the CD and as a Promoter of the CD has submitted a Resolution Plan to be placed before the CoC for its consideration, which has been rejected by the Adjudicating Authority, relying on judgment of this Tribunal in Dr. Ravi Shankar Vedam vs. Tiffins Barytes Asbestos and Paints Ltd. & Ors, which has no applicability. Ltd. vs. Committee of Creditors of EducompSolutions Ltd. & Anr., the Supreme Court held that Resolution Plan even prior to the approval of the Adjudicating Authority is binding inter se the CoC and the SRA. The Apex Court held that “the resolution plan even prior to the approval of the adjudicating authority is binding inter se the CoC and the successful resolution applicant.

Resolution Resolution Plan Plan Approval Authority Sra Appellant Coc Adjudicating Ial  consideration  nclat  coc  resolution  approved  mr  authority  cd  appellant  considered  plan  approval  submitted  adjudicating

History of this topic

Operational Creditors Cannot Question Approval Of Resolution Plan That Provides Them With More Than Liquidation Value: NCLAT
2 weeks ago

Operational Creditors Cannot Question Approval Of Resolution Plan That Provides Them With More Than Liquidation Value: NCLAT

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The National Company Law Appellate Tribunal New Delhi bench of Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka that Resolution Plan approved by the Adjudicating Authority cannot be questioned by the Operational Creditors when they were provided more than the liquidation value under the Plan as per section 30 of the Insolvency and Bankruptcy Code, 2016. Contentions: The …

Order Approving Resolution Plan Passed Beyond 330 Days Cannot Be Questioned When Application Seeking Approval Was Filed Within CIRP Period: NCLAT
2 weeks, 5 days ago

Order Approving Resolution Plan Passed Beyond 330 Days Cannot Be Questioned When Application Seeking Approval Was Filed Within CIRP Period: NCLAT

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The National Company Law Appellate Tribunal New Delhi bench of Justice Ashok Bhushan and Mr. Barun Mitra has held that when an order approving the Resolution Plan is passed by the Adjudicating Authority after expiry of 330 days but the application seeking approval was filed within the stipulated time period, it cannot be said the plan was approved after the …

Rejection Of Resolution Plan By Suspended Director Can't Be Interfered With If No Expression Of Interest Was Submitted Despite Participation In Meetings: NCLAT
3 weeks, 1 day ago

Rejection Of Resolution Plan By Suspended Director Can't Be Interfered With If No Expression Of Interest Was Submitted Despite Participation In Meetings: NCLAT

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The National Company Law Appellate Tribunal New Delhi bench of Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has held that the rejection of the Resolution Plan submitted by the Suspended Director of the Corporate Debtor by Committee of Creditors cannot be interfered with when the concerned Director was present in all the meetings of the CoC and …

IBC | Resolution Professional Dutybound To Ensure Resolution Plan Is Legally Compliant Before Placing It In CoC : Supreme Court
1 month, 2 weeks ago

IBC | Resolution Professional Dutybound To Ensure Resolution Plan Is Legally Compliant Before Placing It In CoC : Supreme Court

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While holding by a 2:1 majority that the proviso to Section 31 of the Insolvency and Bankruptcy Code is mandatory in nature, the Supreme Court recently observed that a Resolution Professional is obligated to ensure that a resolution plan placed before the Committee of Creditors is legally compliant.It was opined that when a resolution plan containing a combination that leads …

IBC | For Resolution Plan Involving Combination, Prior Approval Of Competition Commission Mandatory Before CoC Examination : Supreme Court
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1 month, 2 weeks ago

IBC | For Resolution Plan Involving Combination, Prior Approval Of Competition Commission Mandatory Before CoC Examination : Supreme Court

Live Law  

The Supreme Court on January 29, by 2:1 majority, observed that a resolution plan under the Insolvency and Bankruptcy Code, containing a proposed combination, should only be placed before the Committee of Creditors, after it has been approved by the Competition Commission of India. This proviso talks about the approval of the resolution plan and its proviso reads as: “Provided …

Withdrawal Of Liquidation Application Can Be Permitted When CoC Allows RP To File Application Seeking Extension Of CIRP Time Period: NCLAT
1 month, 2 weeks ago

Withdrawal Of Liquidation Application Can Be Permitted When CoC Allows RP To File Application Seeking Extension Of CIRP Time Period: NCLAT

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The NCLAT New Delhi bench of Justice Ashok Bhushan, Mr. Barun Mita and Mr. Arun Baroka has held that when the CoC has already taken decision to file an application for extension of CIRP time period and granting permission to publish Form G for third time, withdrawal of liquidation application by Adjudicating Authority can be permitted. The Adjudicating Authority dismissed …

Commercial Wisdom Of CoC In Opting For Liquidation And Rejecting Resolution Plan Of Ineligible Applicant Is “Non-Justiciable”: NCLAT
2 months, 1 week ago

Commercial Wisdom Of CoC In Opting For Liquidation And Rejecting Resolution Plan Of Ineligible Applicant Is “Non-Justiciable”: NCLAT

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The National Company Law Appellate Tribunal, Principal Bench, New Delhi has held that the commercial wisdom of the Committee of Creditors in rejecting a resolution plan and opting for liquidation is “non-justiciable”. On 03.04.2021, the Resolution Professional informed the Appellant via email that the resolution plan was not approved by the CoC due to non-compliance with Section 29A of the …

Unsuccessful Resolution Applicant Has No Locus To Challenge Approval Of Resolution Plan By CoC: NCLT Kolkata
2 months, 1 week ago

Unsuccessful Resolution Applicant Has No Locus To Challenge Approval Of Resolution Plan By CoC: NCLT Kolkata

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The NCLT Kolkata bench of Justice Bidisha Banerjee and D. Arvind has held that Unsuccessful Resolution Applicant has no locus standi to challenge the approval of Resolution Plan by the Committee of Creditors. The default stemmed from a Loan Agreement executed on July 26, 2019 between SREI Equipment and the corporate debtor under which a loan facility of Rs, 300 …

Resolution Applicant Whose Plan Was Rejected By CoC Can Participate In Freshly Issued Invitation For Expression Of Interest: NCLAT
2 months, 2 weeks ago

Resolution Applicant Whose Plan Was Rejected By CoC Can Participate In Freshly Issued Invitation For Expression Of Interest: NCLAT

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The NCLAT New Delhi Bench of Justice Ashok Bhushan and Mr. Barun Mitra has held that once resolution plan including revised plan submitted by the resolution applicant is disapproved by the CoC, a fresh plan can be submitted by the same resolution applicant in a freshly issued invitation to expression of interest. IA No.1891 of 2024 was filed by the …

Once CoC Approves Resolution Plan Then No Claim Is To Be Entertained: NCLAT
2 months, 3 weeks ago

Once CoC Approves Resolution Plan Then No Claim Is To Be Entertained: NCLAT

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The NCLAT New Delhi bench of Justice Rakesh Kumar Jain, Mr. Barun Mitra and Mr. Indevar Pandey have reiterated that once the Committee of Creditor has approved the resolution plan, then no claim is to be entertained. Counsel for the Respondent stated that IBC is a time-bound process and drew attention to the case of M/s RPS Infrastructure Ltd. vs. …

Non-Admission Of Claim By Resolution Professional Cannot Be Challenged First Time In Appeal Before Appellate Tribunal: NCLAT
3 months ago

Non-Admission Of Claim By Resolution Professional Cannot Be Challenged First Time In Appeal Before Appellate Tribunal: NCLAT

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The NCLAT New Delhi bench of Justice Ashok Bhushan and Mr. Arun Baroka has held that non admission of claim in the Resolution Plan by the Resolution Plan if not challenged before the Adjudicating Authority cannot be challenged in the appeal before the NCLAT. The same Resolution Plan of Respondent Nos.2 and 3 approved by the Adjudicating Authority on 28.11.2019 …

Copy Of Other Prospective Resolution Applicants' Plans Cannot Be Shared When Suspended Management Is Also A Resolution Applicant: NCLAT
3 months ago

Copy Of Other Prospective Resolution Applicants' Plans Cannot Be Shared When Suspended Management Is Also A Resolution Applicant: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan and Mr. Barun Mitra has held that copy of the Resolution Plans submitted by other Prospective Resolution Applicants cannot be shared in advance with the suspended management of the corporate debtor when the suspended management is also a Resolution Applicant. It was further submitted that the CoC had approved the resolution …

Approval Of Resolution Plan By CoC Cannot Be Interfered With Unless Section 30(2) Of Code Is Breached: NCLAT
3 months, 1 week ago

Approval Of Resolution Plan By CoC Cannot Be Interfered With Unless Section 30(2) Of Code Is Breached: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan and Barun Mitra has held that approval of Resolution Plan by the Committee Of Creditors cannot be interfered with unless it is violative of section 30 of the Code. It further argued that SRA has not implemented the Resolution Plan and matter is pending consideration before the Adjudicating Authority therefore this …

Resolution Professional Cannot Be Faulted To Revise Plans Multiple Times As Per Instructions Of CoC: NCLAT
3 months, 2 weeks ago

Resolution Professional Cannot Be Faulted To Revise Plans Multiple Times As Per Instructions Of CoC: NCLAT

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The NCLAT New Delhi bench of Justice Ashok Bhushan and Barun Mitra has held that adverse remarks cannot be passed by the Adjudicating Authority against the RP for performing his duties in accordance with the commercial wisdom of the CoC. Thus, when there is no mandatory requirement to use the evaluation matrix to identify the best resolution plan and the …

Information Memorandum Based On Which Resolution Plan Is Submitted And Approved By CoC Cannot Be Modified: NCLAT
3 months, 3 weeks ago

Information Memorandum Based On Which Resolution Plan Is Submitted And Approved By CoC Cannot Be Modified: NCLAT

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The NCLAT New Delhi bench of Mr. Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has held that Information Memorandum prepared by the Resolution Professional based on which the Resolution Plan was submitted and later approved by the CoC, cannot be modified.In this case, the allotment units to homebuyers were cancelled by the erstwhile management of the Corporate …

CoC Has Authority To Modify Resolution Plan To Comply With Directions Of Supreme Court: NCLAT
3 months, 3 weeks ago

CoC Has Authority To Modify Resolution Plan To Comply With Directions Of Supreme Court: NCLAT

Live Law  

The NCLAT has affirmed that the CoC is empowered to modify the resolution plan in order to comply with the directions issued by the Supreme Court. Hon'ble Supreme Court vide Order dated 22.01.2024 allowed the Civil Appeals filed by the Excise & Taxation Officer, Officer-Cum-Assessing Authority setting aside the Order dated 22.03.2022 passed by the Appellate Tribunal in view of …

Settlement Plan U/S 12A Of IBC Cannot Be Considered By CoC After Approval Of Resolution Plan: NCLAT
4 months, 2 weeks ago

Settlement Plan U/S 12A Of IBC Cannot Be Considered By CoC After Approval Of Resolution Plan: NCLAT

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The NCLAT New Delhi Bench of Justices Ashok Bhushan and Barun Mitra affirmed that a settlement proposal under Section 12A of the IBC cannot be put before the CoC after the CoC has approved the resolution plan. Contentions The appellant submitted that Section 12A of IBC read with CIRP Regulation 30A provides scope for submission of multiple settlement proposals particularly …

Supreme Court Declines To Restrain Formation Of CoC In Byju's Insolvency Proceedings
7 months ago

Supreme Court Declines To Restrain Formation Of CoC In Byju's Insolvency Proceedings

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The Supreme Court on Tuesday refused to pass orders to restrain the Resolution Professional from forming a Committee of Creditors for ed-tech company Byju's in the insolvency proceedings against it.Senior Advocate Dr Abhishek Manu Singvhi, representing Byju's, mentioned the matter today morning before Chief Justice of India DY Chandrachud, saying that the previous order of the. The Supreme Court on …

NCLT Delhi: Adjudicating Authority Can't Consider Settlement Proposal Even With Higher Value After Approval Of Resolution Plan By CoC
8 months, 1 week ago

NCLT Delhi: Adjudicating Authority Can't Consider Settlement Proposal Even With Higher Value After Approval Of Resolution Plan By CoC

Live Law  

The National Company Law Tribunal Court V, New Delhi bench comprising Shri Mahendra Khandelwal and Dr. Sanjeev Ranjan held that the Adjudicating Authority cannot consider a Settlement Proposal, even of a higher value than the Resolution Plan, after the approval of the Resolution Plan by the Committee of Creditors. Upon reviewing the minutes of the CoC meetings, NCLT Delhi noted …

NCLAT Delhi: Adjudicating Authority Can Extend Payment Timelines Under Resolution Plan Without Express Concurrence Of CoC
10 months ago

NCLAT Delhi: Adjudicating Authority Can Extend Payment Timelines Under Resolution Plan Without Express Concurrence Of CoC

Live Law  

The National Company Law Appellate Tribunal Delhi, comprising Justice Ashok Bhushan and Mr. Arun Baroka held that the Adjudicating Authority can extend payment timelines under the Resolution Plan without the express concurrence of the Committee of Creditors. NCLAT Verdict: The NCLAT New Delhi allowed the appeal and held that the Adjudicating Authority can extend payment timelines under the Resolution Plan …

Claim Cannot Be Admitted After The Approval Of Resolution Plan By The CoC Even If Approval By The Adjudicating Authority U/S 31 Of IBC Is Pending: NCLT Mumbai
10 months, 1 week ago

Claim Cannot Be Admitted After The Approval Of Resolution Plan By The CoC Even If Approval By The Adjudicating Authority U/S 31 Of IBC Is Pending: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising Mr. Kuldip Kumar Kareer and Mr. Anil Raj Chellan has held that claims cannot be admitted after the approval of the resolution plan by the Committee of Creditors even if approval by the Adjudicating Authority under section 31 of the Insolvency and Bankruptcy Code, 2016 is pending. In November 2021, Mr. Jai …

NCLT Mumbai Holds Resolution Professional Accountable For Biased Conduct, Sets Aside Approved Resolution Plan
11 months, 2 weeks ago

NCLT Mumbai Holds Resolution Professional Accountable For Biased Conduct, Sets Aside Approved Resolution Plan

Live Law  

The National Company Law Tribunal Mumbai bench, comprising of Justice Reeta Kohli and Madhu Sinha, has held the Resolution Professional accountable for biased conduct aimed at facilitating the approval of the Successful Resolution Applicant Plan by the Committee of Creditors. Consequently, the NCLT has set aside the Resolution Plan of the SRA, as approved by the COC, holding SRA ineligible …

Question Of Value Can't Be Raised Post Approval Of Resolution Plan By CoC: NCLAT Delhi
1 year ago

Question Of Value Can't Be Raised Post Approval Of Resolution Plan By CoC: NCLAT Delhi

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Shri Barun Mitra, has upheld an order passed by NCLT herein it was held that the question of valuation of assets cannot be raised after the resolution plan has been approved by the Committee of Creditors. The Resolution Professional of the Corporate Debtor appointed two valuers …

NCLAT Delhi: Non-Grant Of Reliefs And Concessions By NCLT Does Not Have Any Adverse Effect On The Validity Of The Resolution Plan And Is Not Violative Of The Law
1 year ago

NCLAT Delhi: Non-Grant Of Reliefs And Concessions By NCLT Does Not Have Any Adverse Effect On The Validity Of The Resolution Plan And Is Not Violative Of The Law

Live Law  

The National Company Law Appellate Tribunal Delhi, comprising Justice Ashok Bhushan and Mr. Barun Mitra held that non-grant of any reliefs and concessions by NCLT does not have any adverse effect on the validity of the Resolution Plan and is not a violation of the law. JAL and Manoj Gaur erstwhile Managing Director and personal guarantor of Corporate Debtor's loan …

NCLT Has Inherent Power To Recall Order Approving Resolution Plan Which Is Not Submitted As Per IBC : Supreme Court
1 year, 1 month ago

NCLT Has Inherent Power To Recall Order Approving Resolution Plan Which Is Not Submitted As Per IBC : Supreme Court

Live Law  

The Supreme Court on Monday observed that the Adjudicating Authority i.e., NCLT under Insolvency and Bankruptcy Code, 2016 has the power to recall its order approving the resolution plan if the resolution plan is not submitted as per the mandate of the Code. The Resolution Applicant had preferred a recall application before the AA seeking recall of its order approving …

Supreme Court Annual Digest 2023 - Insolvency And Bankruptcy Code
1 year, 1 month ago

Supreme Court Annual Digest 2023 - Insolvency And Bankruptcy Code

Live Law  

A company could not avail benefit of the Sabka Vishwas scheme as it was under moratorium under IBC - The Courts are meant to do justice and cannot compel a person to do something which was impossible for him to do - Directed that the payment of amount already deposited by the company be appropriated towards settlement dues under “Sabka …

Resolution Professional Can't Question COC Decision Of Replacement: NCLAT Delhi
1 year, 2 months ago

Resolution Professional Can't Question COC Decision Of Replacement: NCLAT Delhi

Live Law  

The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Ashok Bhushan and Shri Barun Mitra, has held that when the Committee of Creditors passes a resolution to replace the Resolution Professional, then it is not open for the Resolution Professional to question the reasons for its replacement and ask NCLT to adjudicate upon the reasons which persuaded …

NCLAT Delhi: Claims Cannot Be Entertained After Approval Of Resolution Plan By CoC Even If Resolution Plan Is Still Pending For Approval By NCLT
1 year, 4 months ago

NCLAT Delhi: Claims Cannot Be Entertained After Approval Of Resolution Plan By CoC Even If Resolution Plan Is Still Pending For Approval By NCLT

Live Law  

The National Company Law Appellate Tribunal, Delhi Bench, comprising of Justice Ashok Bhushan, Mr Barun Mitra and Mr. Arun Baroka has rejected an appeal and held that claims cannot be entertained after approval of the Resolution Plan by Committee of Creditors even if the Resolution Plan is still pending for approval of the National Company Law Tribunal. Contentions of Appellant …

Since CoC Is Re-Constituted Post Approval Of Plan, It Must Be Again Examined By The New CoC: NCLAT Delhi
1 year, 8 months ago

Since CoC Is Re-Constituted Post Approval Of Plan, It Must Be Again Examined By The New CoC: NCLAT Delhi

Live Law  

The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Ashok Bhushan and Shri Naresh Salecha, while adjudicating an appeal filed in Dauphin Cables Pvt. Ltd. v Praveen Bansal Resolution Professional & Ors., has held that when the Committee of Creditors is re-constituted post approval of a resolution plan, due to recategorization of a creditor, then the approved …

NCLAT Delhi Upholds Remitting Of Resolution Plan Back To COC For Compliance Of Sec 30(2) IBC
2 years ago

NCLAT Delhi Upholds Remitting Of Resolution Plan Back To COC For Compliance Of Sec 30(2) IBC

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Ms. Shreesha Merla, while adjudicating an appeal filed in Noble Marine Metals Co WLL v Kotak Mahindra Bank Limited & Ors., has upheld the order of Adjudicating Authority whereby a Resolution Plan was remitted back to the Committee of Creditors for making changes, only to the …

When COC Approves A Resolution Plan, It Is Presumed To Be Viable And Feasible: NCLAT Delhi
2 years, 2 months ago

When COC Approves A Resolution Plan, It Is Presumed To Be Viable And Feasible: NCLAT Delhi

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Shri Kanthi Narahari and Shri Barun Mitra, while adjudicating an appeal filed in Rajesh Kumar & Ors. v Rabindra Kumar Mintri & Anr., has held that when the Committee of Creditors approves a Resolution Plan in its commercial wisdom, it is presumed that the Resolution Plan is …

AA Shall Either Approve Or Reject The Resolution Plan, No Power To Modify It: NCLAT Delhi
2 years, 3 months ago

AA Shall Either Approve Or Reject The Resolution Plan, No Power To Modify It: NCLAT Delhi

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Rakesh Kumar and Dr. Ashok Kumar Mishra, while adjudicating an appeal filed in Mathuraprasad C Pandey & Ors. v Partiv Parikh & Anr., has held that when a Resolution Plan is presented before the Adjudicating Authority for approval, it is clear mandate of legislation to either approve or to …

COC's Decision For Liquidation Is Open To Judicial Review By NCLT And NCLAT: NCLAT Delhi
2 years, 5 months ago

COC's Decision For Liquidation Is Open To Judicial Review By NCLT And NCLAT: NCLAT Delhi

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Dr. Alok Srivastava and Mr. Barun Mitra, while adjudicating an appeal filed in Sreedhar Tripathy v Gujarat State Financial Corporation & Ors., has held that when the Committee of Creditors decides to liquidate the Corporate Debtor, the decision of liquidation is open to judicial review by the …

Erstwhile Resolution Professional Has No Right To Be Heard Before Being Replaced Under Section 27: NCLAT Delhi
2 years, 6 months ago

Erstwhile Resolution Professional Has No Right To Be Heard Before Being Replaced Under Section 27: NCLAT Delhi

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Justice M. Satyanarayana Murthy and Mr. Barun Mitra, while adjudicating an appeal filed in Sumat Kumar Gupta v Committee of Creditors of M/S Vallabh Textiles Company Ltd., has held that when the Committee of Creditors decides to replace the Resolution Professional under Section 27 of IBC and …

'Liquidation Last Resort', NCLT Directs COC To Re-Consider The Rejected Resolution Plan: NCLT Mumbai
2 years, 6 months ago

'Liquidation Last Resort', NCLT Directs COC To Re-Consider The Rejected Resolution Plan: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising of Justice P.N. Deshmukh and Shri Shyam Babu Gautam, while adjudicating a petition filed in Edelweiss Asset Reconstruction Co. Ltd. v Octaga Green Power and Sugar Company Ltd., has reiterated that liquidation of the Corporate Debtor is the last resort and has accordingly directed the Committee of Creditors to reasonably re-consider the …

Resolution Plan Can't Be Remanded Back To COC Over Hyper-Technical Grounds: NCLAT Delhi
2 years, 6 months ago

Resolution Plan Can't Be Remanded Back To COC Over Hyper-Technical Grounds: NCLAT Delhi

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Justice M. Satyanarayana Murthy and Mr. Barun Mitra, while adjudicating an appeal filed in Piya Puri & Ors. v Mr. Debhashish Nanda & Ors., has held that remanding a resolution plan back to Committee of Creditors on the grounds of the procedural deviations raised by a dissenting …

On A Request Made By CoC, NCLT Is Empowered To Remand Back Resolution Plan To CoC For Re-Consideration: NCLT Ahmedabad
2 years, 6 months ago

On A Request Made By CoC, NCLT Is Empowered To Remand Back Resolution Plan To CoC For Re-Consideration: NCLT Ahmedabad

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising of Dr. Deepti Mukesh and Shri Ajai Das Mehrotra, while adjudicating an application filed in Asset Reconstruction Company Limited v GPT Steel Industries Ltd., has held that Adjudicating Authority has right to send back the resolution plan for reconsideration to the CoC, on a request made by the CoC in its commercial …

Adjudicating Authority Is Not Bound By The Recommendation Of The Resolution Professional Under Section 99 Of The Insolvency And Bankruptcy Code, 2016 : Karnataka High Court
2 years, 10 months ago

Adjudicating Authority Is Not Bound By The Recommendation Of The Resolution Professional Under Section 99 Of The Insolvency And Bankruptcy Code, 2016 : Karnataka High Court

Live Law  

A division bench of the Karnataka High Court in its recent judgement/dated April 5, 2022, dismissed a writ petition challenging the constitutional validity of Sections 95, 99 and 100 of the Insolvency and Bankruptcy Code, 2016 as it found no merit to the challenge. Background: An application was filed before the Hon'ble National Company Law Tribunal, Bangalore by the Financial …

MSMEs, Insolvency Resolution Processes & The Avoidance Applications
2 years, 10 months ago

MSMEs, Insolvency Resolution Processes & The Avoidance Applications

Live Law  

Prior to the amendment inserting Chapter III-A to the Insolvency and Bankruptcy Code, 2016, the corporate insolvency resolution process for Micro, Small and Medium Enterprises was covered by Chapters II and III of the Code with no regard for the peculiarities in operations and compliances of corporate entities classified as micro, small, medium or otherwise. It is no one's case …

Resolution Professional Cannot Decide The Eligibility Under Section 29A Of The Insolvency And Bankruptcy Code, 2016: NCLAT Delhi
2 years, 11 months ago

Resolution Professional Cannot Decide The Eligibility Under Section 29A Of The Insolvency And Bankruptcy Code, 2016: NCLAT Delhi

Live Law  

A three-judge bench of the National Company Law Appellate Tribunal comprising of Justice Ashok Bhushan, Dr. Alok Srivastava and Ms. Shreesha Merla held that the Resolution Professional is not required to take a decision regarding the ineligibility of the Resolution Applicant under Section 29A of the Insolvency & Bankruptcy Code, 2016. Resolution Professional opposed the same by stating that the …

Commercial Wisdom of the CoC To Prevail, Unless The Same Is In Contravention Of Any Law, Reiterates NCLAT
3 years, 1 month ago

Commercial Wisdom of the CoC To Prevail, Unless The Same Is In Contravention Of Any Law, Reiterates NCLAT

Live Law  

The NCLAT, Principal Bench consisting of Justice Anant Bijay Singh and Ms. Shreesha Merla in Noida Special Economic Zone Authority v. Mr. Manish Agarwal refused to set aside the order passed by the Adjudicating Authority, which approved the Resolution Plan, reiterating that the commercial wisdom of the CoC with respect to viability and financial decision taken while evaluating the Resolution …

No Scope For Negotiation Once The CoC Has Approved The Resolution Plan: NCLAT In DHFL Case
3 years, 1 month ago

No Scope For Negotiation Once The CoC Has Approved The Resolution Plan: NCLAT In DHFL Case

Live Law  

The NCLAT in a Bench comprising of Justice M. Venugopal, V.P. set aside the order passed by the Adjudicating Authority which directed the Administrator of DHFL to place its Second Settlement Proposal sent by Mr. Kapil Wadhawan before the Committee of Creditors for its consideration and held that there is no scope for negotiations between the parties once the CoC …

After Approval By The Adjudicating Authority, The Resolution Plan Is No More A Confidential Document: NCLAT
3 years, 1 month ago

After Approval By The Adjudicating Authority, The Resolution Plan Is No More A Confidential Document: NCLAT

Live Law  

The NCLAT in a Bench comprising of Justice Ashok Bhushan and Dr. Ashok Kumar Mishra in Association of Aggrieved Workmen of Jet Airways Limited v. Jet Airways Ltd held that after approval of the Resolution Plan, the Plan does not remain a confidential document, so as to deny its perusal to a claimant, who is aggrieved by the Plan The …

Adjudicating Authority Cannot Substitute Any Commercial Term Of Resolution Plan Approved By Committee Of Creditors: Supreme Court
3 years, 11 months ago

Adjudicating Authority Cannot Substitute Any Commercial Term Of Resolution Plan Approved By Committee Of Creditors: Supreme Court

Live Law  

The Supreme Court observed that adjudicating authority cannot substitute any commercial term of the resolution plan approved by Committee of Creditors. If, within its limited jurisdiction, the Adjudicating Authority finds any shortcoming in the resolution plan vis-à-vis the specified parameters, it would only send the resolution plan back to the Committee of Creditors, for re-submission,. If, within its limited jurisdiction, …

SC Orders Status Quo In Insolvency Proceedings Of Ricoh India Ltd
4 years, 6 months ago

SC Orders Status Quo In Insolvency Proceedings Of Ricoh India Ltd

Live Law  

The Supreme Court today granted a 'status quo' order in an appeal arising out of a National Company Law Appellate Tribunal judgment, whereby the NCLAT had set aside the resolution plan submitted by Mr. Kalpraj Dharamshi and Ms. Rekha Jhunjhunwala in the insolvency proceedings of Ricoh India Limited, now known a Minosha India Limited, a company engaged in providing IT …

NCLAT Sets Aside NCLT's Order For Acquisition Of RICOH By Dharamshi- Jhunjhunwala Consortium [Read Order]
4 years, 7 months ago

NCLAT Sets Aside NCLT's Order For Acquisition Of RICOH By Dharamshi- Jhunjhunwala Consortium [Read Order]

Live Law  

The National Company Law Appellate Tribunal allowed the appeal filed by Kotak Investment Advisors Limited challenging an order passed by the Mumbai bench of the National Company Law Tribunal which had approved the resolution plan submitted by a consortium of Kalpraj Dharamshi and Rekha Jhunjhunwala. The Principal Bench headed by Justices Bansi Lal Bhat, Acting Chairperson, V.P.Singh, Member, Alok Srivastava …

Part II - Adjudicating Authority : Scope Of Jurisdiction During The Corporate Insolvency Resolution Process
4 years, 10 months ago

Part II - Adjudicating Authority : Scope Of Jurisdiction During The Corporate Insolvency Resolution Process

Live Law  

The Statement of Objects and Reasons of the Insolvency and Bankruptcy Code, 2016 states that the Code is enacted with the aim to achieve insolvency resolution of corporate persons in : a time bound manner; and while ensuring maximization of value of its assets. Optimisation of value – ensuring fairplay amongst the various stakeholders during the CIRP, which shall involve …

NCLT, Mumbai Says CoC Not Right In Rejecting Resolution Plan Only Coz It Was Sent After Cut-Off Date [Read Order]
6 years, 2 months ago

NCLT, Mumbai Says CoC Not Right In Rejecting Resolution Plan Only Coz It Was Sent After Cut-Off Date [Read Order]

Live Law  

Tribunal says Code is paramount, not the RegulationsObserving that when there is a conflict between the Regulations and the Insolvency Code, the object of the Code is paramount and not the Regulations which are formed only for the just implementation of the Code, the Mumbai bench of National Company Law Tribunal has held that the Committee of Creditors of a …

Analysis of the Extension of Moratorium Period under IBC
7 years, 5 months ago

Analysis of the Extension of Moratorium Period under IBC

Live Law  

Year 2016 marked the inception of The Insolvency and Bankruptcy Code, 2016 of India. The resolution professional shall file an application to the Adjudicating Authority to extend the period of the corporate insolvency resolution process beyond one hundred and eighty days, if instructed to do so by a resolution passed at a meeting of the committee of creditors by a …

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