Articles for Commercial Wisdom

Resolution Plan Approved By CoC Binds All Stakeholders Including Dissenting Financial Creditor: NCLAT
Trending News
3 weeks, 2 days ago

Resolution Plan Approved By CoC Binds All Stakeholders Including Dissenting Financial Creditor: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan and Barun Mitra has held that the Resolution Plan which is approved in commercial wisdom of the CoC binds all stakeholders including the dissenting financial creditor. It was also argued that the Appellant being financial creditor having 6.64% voting share had no right or jurisdiction to challenge the decision of the …

Financial Resolution Bank Commercial Wisdom Resolution Plan Plan
Resolution Professional Cannot Be Faulted To Revise Plans Multiple Times As Per Instructions Of CoC: NCLAT
1 month ago

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

Live Law  

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 …

Resolution Wisdom Tribunal Plan Plans Authority Coc
The Complete Supreme Court Annual Digest- 2023 [Part-XII]
8 months, 2 weeks ago

The Complete Supreme Court Annual Digest- 2023 [Part-XII]

Live Law  

Information RTI Act will become 'dead letter': Supreme Court directs States, Union to fill vacancies in Information Commissions. Maneesh Pharmaceuticals Ltd. v. Export Import Bank of India, 2023 LiveLaw 1073 Insolvency and Bankruptcy Code, 2016; Section 7 - Limitation Act, 1963; Section 5 and 18 - Delay of 1392 days - Additional affidavit stating that the delay was only of …

India Karnataka Kerala Delhi Supreme Court High Court High Courts
IBC Cases Quarterly Digest : January To March 2024
9 months ago

IBC Cases Quarterly Digest : January To March 2024

Live Law  

Supreme Court Case Title: Ansal Crown Heights Flat Buyers Association V M/S. : Company Appeal No.231 of 2023 The National Company Law Appellate Tribunal, New Delhi, comprising Justice Ashok Bhushan and Mr. Barun Mitra, has held that the Corporate Debtor cannot be absolved from its liability to discharge its Operational debt by the Insurance Company's payment to the Operational Creditor …

Law India Justice Delhi Mumbai Kolkata Supreme Court
Supreme Court Annual Digest 2023 - Insolvency And Bankruptcy Code
11 months 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 …

Supreme Court Corporate Court Insolvency Resolution Corporate Debtor Resolution Professional
Supreme Court Judgements On Insolvency & Bankruptcy Code In 2023
1 year ago

Supreme Court Judgements On Insolvency & Bankruptcy Code In 2023

Live Law  

Sabka Vishwas Scheme: Supreme Court Grants Relief To Company Which Missed Deadline Due To IBC Moratorium The Supreme Court Bench comprising of Justices M R Shah and Justice B V Nagarathna has remarked that “No one can be expected to do the impossible” while granting relief to a company which could not avail the benefit of settlement of tax dues …

India Justice Supreme Court Corporate Court Insolvency Resolution
NCLT/NCLAT Should Not Sit In Appeal Over Commercial Wisdom Of CoC To Allow Withdrawal Of CIRP : Supreme Court
2 years, 7 months ago

NCLT/NCLAT Should Not Sit In Appeal Over Commercial Wisdom Of CoC To Allow Withdrawal Of CIRP : Supreme Court

Live Law  

The Supreme Court, on Friday, held that when 90% or more of the creditors decide that it will be in the interest of all the stake­holders to permit Settlement Plan filed by promoter of the Corporate Debtor and withdraw Corporate Insolvency Resolution Process as per Section 12A of the Insolvency and Bankruptcy Code, 2016, the adjudicating authority or the appellate …

Supreme Court Appeal Corporate Court Settlement Application Committee
Commercial Wisdom of the CoC To Prevail, Unless The Same Is In Contravention Of Any Law, Reiterates NCLAT
2 years, 10 months 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 …

Law Resolution State Government Resolution Plan Tribunal Plan Nclat
NCLT/NCLAT Can't Interfere With Commercial Wisdom Of CoC Except Within Limited Scope Under Sections 30 & 31 IBC : Supreme Court
3 years, 10 months ago

NCLT/NCLAT Can't Interfere With Commercial Wisdom Of CoC Except Within Limited Scope Under Sections 30 & 31 IBC : Supreme Court

Live Law  

The Supreme Court has reiterated that the National Company Law Tribunal or the National Company Law Appellate Tribunal cannot interfere with the 'commercial wisdom' of the Committee of Creditors, except within the limited scope under Sections 30 and 31 of the Insolvency and Bankruptcy Code.Based on this well settled principle, a 3-judge bench comprising Justices. The commercial wisdom of CoC …

Law Supreme Court High Court Court Resolution Commercial Wisdom
Concept Of Commercial Wisdom And Its Legal Implications
4 years, 4 months ago

Concept Of Commercial Wisdom And Its Legal Implications

Live Law  

The jurisprudential essence of the supremacy of commercial wisdom of Committee of Creditors has been reaffirmed time and again by the Supreme Court and the Adjudicating Authorities. The Hon'ble National Company Law Appellate Tribunal, New Delhi in Sunil S. Kakkad v. Atrium Infocom Private Limited has provided deep insights into the concept of Commercial Wisdom as the Appellate Authority has …

Resolution Commercial Resolution Professional Wisdom Resolution Plan Plan Code
A To Z Of The Insolvency And Bankruptcy Code: A Beginner's Guide (Part II)
4 years, 7 months ago

A To Z Of The Insolvency And Bankruptcy Code: A Beginner's Guide (Part II)

Live Law  

In the previous part, we gave you a general background to the Insolvency and Bankruptcy Code, 2016 and tried unpacking some specific concepts crucial to its functioning. Even the 2019 amendment to Section 30 of the IBC, which we have discussed in the previous part, has taken a balanced view by stipulating that the RP has to provide a minimum …

Financial Court Insolvency Operational Delhi High Court Judicial Review Voting Rights