22 July 2024

Search Results for Tag : Resolution plan


NCLT, Kolkata: Corporate Debtor Cannot Be Sent Into Liquidation(08.04.2022)

National Company Law Tribunal, Kolkata has observed that just because the liquidation value is being projected higher than the value of the resolutio.....

Tags : National Company Law Tribunal, liquidation value, resolution plan, Corporate Debtor, liquidation


Insolvency Proceedings can be Withdrawn After Invitation Of Resolution Plans Under Regulation 36A: SC(30.01.2019)

Supreme Court has permitted withdrawal of Corporate Insolvency Resolution Process(CIRP) even after Resolution Professional issued invitation for expre.....

Tags : Supreme Court, Insolvency Proceedings, Invitation Of Resolution Plans


All HC: Guarantor’s Liability Doesn’t Absolve by Itself Upon Approval of Resolution Plan(16.01.2023)

Allahabad High Court has held that approval of a resolution plan under Section 31 of the IBC, does not ipso facto absolve the surety/guarantor of the .....

Tags : Allahabad High Court, Corporate Debtor, Guarantor’s Liability, Resolution Plan


SC: No Modifications are Permissible Once Resolution Plan is Approved(24.03.2023)

Supreme Court has held that once Resolution Plan (RP) stands approved, no modifications are permissible; it is either to be approved or disapproved, b.....

Tags : Supreme Court, Resolution Plan, Approved, Modification


NCLT Kochi Allows Promoter of Corporate Debtor MSME to File Resolution Plan in Individual Capacity(07.05.2021)

National Company Law Tribunal, Kochi has held that the promoter of an MSME can submit a Resolution Plan Application in his individual capacity, and th.....

Tags : National Company Law Tribunal, Filing of Resolution Plan


SC: Admission of Claims After Acceptance of RP by CoC will Make CIRP an Endless Process(12.09.2023)

Supreme Court has held that if claims are admitted after resolution plan (RP) has been accepted by the Committee of Creditors (COC) under Insolvency a.....

Tags : Supreme Court, CIRP, Resolution Plan, Committee of Creditors, Claims


Supreme Court: No IBC Provision that Resolution Plan Should Match Liquidation Value(28.01.2020)

Supreme Court has held that there is no requirement under the Insolvency and Bankruptcy Code (IBC), 2016 that the resolution plan should match the liq.....

Tags : Supreme Court, Resolution Plan Not to Match Liquidation Value


Del. HC: Claims Settled Under RP Becomes Non-Arbitrable(13.10.2023)

Delhi High Court has held that the IBC and resolution process doesn’t contemplate matters being left inchoate and exhorts one to accept the seal of fi.....

Tags : Delhi High Court, Resolution Plan, Non-Arbitrable


SC: Adj. Authority Has Power to Recall Order Approving RP Which Isn’t Submitted As Per IBC(14.02.2024)

Supreme Court has held that National Company Law Tribunal has the power under Insolvency and Bankruptcy Code, 2016 (IBC) to recall its order approving.....

Tags : Supreme Court, NCLT, Resolution Plan, Insolvency and Bankruptcy Code


SC: Closer Examination of RP’s Feasibility if Plan Envisages Use of Asset Owned By Statutory Body(15.02.2024)

SC while observing that normally resolution plan’s feasibility is best decided by the commercial wisdom of Committee of Creditors, has held that when .....

Tags : Supreme Court, Resolution Plan, Committee of Creditors


Bombay HC: No Statutory Authority Can Raise Fresh Claim After Resolution Plan Approved(24.01.2022)

Bombay High Court has ruled that no statutory authority, including the Income Tax authorities, can raise a fresh claim against a Corporate Debtor afte.....

Tags : Bombay High Court, Fresh Claim After Resolution Plan Approved


NCLAT Asks Liberty House to Give Details on Adhunik, Zion Resolution Plan(08.01.2020)

National Company Law Appellate Tribunal has directed the Liberty House Group to file an affidavit outlining the implementation of its resolution plan .....

Tags : NCLAT, Resolution Plan


NCLAT, Delhi: Fresh Resolution Plan Cannot be Considered by Committee of Creditors(25.04.2022)

National Company Law Appellate Tribunal (NCLAT), Delhi has held that a fresh resolution plan cannot be considered by a Committee of Creditors (COC) on.....

Tags : National Company Law Appellate Tribunal, Fresh Resolution Plan



Once a resolution plan is duly approved by Adjudicating Authority under Section 31 of IBC, the claims shall stand frozen and will be binding on Corporate Debtor and its employees(12.05.2021)

Present Appeal emanates from the Order, passed by the National Company Law Tribunal, whereby the Adjudicating Authority/NCLT approved the Resolution P.....

Tags : Resolution Plan, Approval, Legality


Adjudicating Authority would not have power to modify the Resolution Plan which the CoC in their commercial wisdom have approved(21.06.2021)

Present is an Application filed by the Resolution Professional under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking approval.....

Tags : Resolution plan, Approval, Power


Decision of the CoC’s ‘commercial wisdom’ is non¬ justifiable, except on limited grounds(17.12.2021)

Present appeals assail the judgment and order passed by the National Company Law Appellate Tribunal, New Delhi (“the NCLAT”), thereby allowing the app.....

Tags : Resolution Plan, Process, Commercial wisdom


NCLT/NCLAT has no residual equity jurisdiction while dealing with Resolution Plan approved by Committee of Creditors(10.08.2021)

Present appeal arises under Section 62 of the Insolvency and Bankruptcy Code, 2016 against a judgment of the National Company Law Appellate Tribunal. .....

Tags : Resolution Plan, CoC, Jurisdiction


Commercial wisdom of the CoC expressed after due deliberation has to be given weight(21.12.2021)

Present Appeal has been filed by an Unsuccessful Resolution Applicant challenging the order of the Adjudicating Authority by which the Adjudicating Au.....

Tags : Resolution plan, Approval, Legality


Mere allocation of meagre amount cannot be a ground to question the resolution plan(03.04.2023)

The Appellant s is an Unsecured Financial Creditor who has vote share in the CoC of 0.264%. The plan has been approved by the CoC with more than 99% v.....

Tags : Resolution plan, Approval, Legality


Once the resolution plan is finalized then all the claims get extinguished(28.02.2023)

Case set up by the Appellant is that, he had purchased an immovable property from Narendra Solves Pvt. Ltd. vide sale deed dated 18th February, 2015 a.....

Tags : Resolution plan, Approval, Claim


Shareholders are excluded from 'representation', 'participation' or 'voting in the CoC' and are represented in the CoC only through the Directors(13.06.2023)

The Present Appeals are filed under Section 61 of the 'Insolvency and Bankruptcy Code, 2016' (IBC), against the Impugned Orders passed by the 'Adjudic.....

Tags : Resolution plan, Approval, Legality


Successful resolution applicant cannot be faced with undecided claims after the resolution plan has been accepted(11.09.2023)

An agreement was entered into on 2nd August, 2006 between the Appellant and KST Infrastructure Private Limited ('the Corporate Debtor'), for developme.....

Tags : Resolution plan, Approval, Award


Once CoC has approved the resolution plan by requisite majority which is in consonance with applicable provisions, same cannot be a subject matter of judicial review(20.10.2023)

The present appeal filed under Section 61 of Insolvency and Bankruptcy Code, 2016 ("IBC") by the Appellants arises out of the Order passed by the Adju.....

Tags : Resolution plan, Majority, Review


NCLT or NCLAT are not empowered under IBC, 2016 to reverse commercial decision of CoC(05.02.2019)

Appeals was against impugned order of NCLAT and High Court dismissing appeal filed by Appellant observing that, requirement of approval of resolution .....

Tags : Rejection, Resolution plan, Legality


Operational Creditor cannot claim parity with Financial Creditors(30.01.2024)

Present Appeal has been filed against the order passed by the Adjudicating Authority (National Company Law Tribunal) by which order the Adjudicating A.....

Tags : Resolution plan, Approval, Legality