CAM advises and represents CoC of Vidarbha Industries Power during CIRP under IBC
The CIRP was initiated against the Corporate Debtor vide order dated September 30, 2024, passed by the Hon’ble National Company Law Tribunal, Mumbai Bench.
CoC
‘Single Homebuyer can’t challenge CoC approved Resolution Plan’; NCLAT upholds CoC’s commercial wisdom
The Resolution Plan has been approved by 83.46% voting share of the CoC, therefore, at the instance of Appellant, approval of Resolution Plan cannot be allowed to be questioned.”
IBC| NCLAT deems CoC’s rejection of Section 12A proposal unjustified; orders remittance of deposited amount for creditor distribution
Section 12A was introduced in the Insolvency and Bankruptcy Code, 2016, allowing the withdrawal of CIRP with the approval of 90% voting share of the CoC.
IBC| Doctrine of promissory estoppel cannot be applied against approved Resolution Plan: NCLAT
NCLAT upheld the Adjudicating Authority’s order on finding no error in rejecting the appellant’s objections to the Resolution Plan.
What is the rule for settlement after constitution of ‘Committee of Creditors’? NCLAT Answers
“Any settlement after passing of the impugned order and after constitution of the CoC is only permissible when the same is approved with 90% vote share of CoC.”
NCLAT sets aside Section 7 IBC application; lets Section 9 application run its due course
The Tribunal stated that if the withdrawal of the Section 9 Admission order was upheld and CIRP were to start afresh from the date of admission of the Section 7 Application, it would have resulted in an inadequate insolvency resolution of the corporate debtor.
Claims of various stakeholders to be considered by Resolution Professional in accordance with law; NCLT, Chandigarh emphasizes
That various stakeholders are to be considered by the Resolution Professional under the relevant provisions of IBC andin accordance with law, and the same should be placed before the CoC for approval. Thus, the resolution plan was sent back for approval by the Committee of Creditors.
NCLAT | In last meeting of CoC, unreasonable pushed in ‘success fee’ appears like an afterthought-Affirms proportionate distribution
National Company Law Appellate Tribunal (NCLAT): The Coram of Justice A.I.S. Cheema, Officiating Chairperson and Alok Srivastava, Technical Member while dismissing an
Resolution Applicant under IBC not allowed to withdraw/modify its Resolution Plan, once submitted for approval of NCLT: Supreme Court
Supreme Court: A Division Bench of Dr D.Y. Chandrachud and M.R. Shah, JJ. has held that under Insolvency and Bankruptcy Code, 2016,
NCLT| Evaluation of CoC wisdom, beyond the purview of NCLT-Is expected ‘just’ to initiate liquidation process rather
National Company Law Tribunal, Hyderabad Bench: The Coram of Madan B Gosavi (Judicial Member) and Veera Brahma Rao Arekapudi (Technical Member) was
Jumping the wall from West Berlin to East Berlin
by Anurag Tripathi*