Committee of Creditors

Legal Developments This Week
Weekly Roundup

A quick roundup to cover all the important legal developments and cases this week.

CoC commercial wisdom
Case BriefsSupreme Court

“Commercial wisdom of the CoC enjoys primacy and cannot be supplanted by judicial review. Neither the NCLT, nor the NCLAT nor even this Court is empowered to substitute its assessment in place of the commercial decision arrived at by a requisite majority of the CoC”.

Hindusthan National Glass resolution
Law Firms NewsNews

The transaction achieved a recovery of approximately INR 2500 Crores for creditors, including 74.89% for secured financial creditors.

RP to be liquidator
Case BriefsTribunals/Commissions/Regulatory Bodies

The power envisaged under Section 34(4)(b) of the IBC is a power to recommend the replacement of the particular Resolution Professional on facts specific to that individual and is not a general power that could be exercised by the IBBI for issuing the Circular.

Vadraj Cement CIRP
Law Firms NewsNews

Shardul Amarchand Mangaldas & Co. advised the Committee of Creditors (CoC) of Vadraj Cement Limited (VCL)

Real Estate Insolvency 2.0
Op EdsOP. ED.

by Isheeta Jain*

Legislative Framework for Group Insolvency
Op EdsOP. ED.

by Prakash K. Pandya*

National Company Law Tribunal
Case BriefsTribunals/Commissions/Regulatory Bodies

“Decision taken by the CoC for liquidation in commercial wisdom of the CoC should not be interfered with by the Adjudicating Authority.”

CIRP Proceedings under IBC
Case BriefsSupreme Court

“The IBC is a complete code in itself, having sufficient checks and balances, remedial avenues and appeals. Adherence of protocols and procedures maintains legal discipline and preserves the balance between the need for order and the quest for justice.”

IBBI and INSOL International Conclave 2024
Events/WebinarsNews

The Insolvency Bankruptcy Board of India (‘IBBI’) and INSOL India held the 2nd International Conclave in Delhi on 7th December to engage in the path-breaking discourse surrounding the ever-evolving space of insolvency and bankruptcy.

Commercial Wisdom
Op EdsOP. ED.

by Hitesh Mankar*

NOIDA Special Economic Zone Authority
Case BriefsSupreme Court

The claims pertaining to the transfer fees, etc., cannot be dealt with by courts or tribunals as the same relates to the commercial wisdom of the Committee of Creditors for they are the best persons to determine their interests, and any such interference is non-justiciable except as provided by Section 30(2) of IBC 2016.

Group Companies
Op EdsOP. ED.

by Anuja Pethia* and Rishabh Govila**

Metalyst Forgings Limited
Law Firms NewsNews

Shardul Amarchand Mangaldas & Co. advised the committee of creditors (CoC) in the corporate insolvency resolution process of Metalyst Forgings Limited (Metalyst),

National Company Law Appellate Tribunal
Case BriefsTribunals/Commissions/Regulatory Bodies

NCLAT held that CoCs’ resolution not to consider Resolution Plans from additional new entrants rendered the NCLAT’s orders unsustainable.

Performance of the NCLTs
Op EdsOP. ED.

by Bishwajit Dubey† and Raghav Pandey††

IRP for Corporate Persons
Legislation UpdatesRules & Regulations

IBBI notifies Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2024.

delhi high court
Case BriefsHigh Courts

“The need for a code of conduct assumes greater importance in light of the fact that once a decision is taken by the CoC, the aggrieved party is deprived of the legal remedies, except to a limited extent.”

national company law appellate tribunal
Case BriefsTribunals/Commissions/Regulatory Bodies

The NCLAT held that the CoC had the jurisdiction to decide on liquidation as per Section 33(2) and its explanation, even before completing all steps for resolution.

Important Insolvency Law Judgments
Experts CornerVasanth Rajasekaran

by Vasanth Rajasekaran† and Harshvardhan Korada††
Cite as: 2024 SCC OnLine Blog Exp 1