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“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.”
Shardul Amarchand Mangaldas advised Axis Bank Limited (Lead Bank), State Bank of India, J.C. Flowers Asset Reconstruction Private Limited, Punjab National Bank,
by Akaant Kumar Mittal†
Cite as: 2023 SCC OnLine Blog Exp 23
National Company Law Appellate Tribunal observed that once the CoC has decided to vote on the resolution plans after closure of challenge process, the Adjudicating Authority cannot direct the CoC to consider any revised plan submitted thereafter.
NCLAT while deciding the appeal held that the CoC after approving the resolution plan cannot seek direction from Adjudicating Authority to consider the new resolution plan of a third party who was not a part of the CIRP as it would fall outside the timeline and defeat the very scope and objective of the Code.
Civil Procedure Code, 1908 — Or. 12 R. 6 — Grant of relief on the basis of admission — When
National Company Law Appellate Tribunal held that there is no provision in Insolvency Bankruptcy Code, 2016 for alteration or modification in the resolution plan by the Adjudicating Authority
by Kartikey Mahajan, Siddhant Sharma and Jatan Rodrigues
Cite as: 2022 SCC OnLine Blog Exp 87
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.
National Company Law Appellate Tribunal, Delhi: In a batch of appeals filed challenging order dated 22-06-2021 passed by the National
Supreme Court: The bench of Indira Banerjee* and AS Bopanna, JJ has reversed the NCLAT order wherein it was held that the
National Company Appellate Tribunal, New Delhi: The Coram of Ashok Bhushan, J (Chairperson), Shreesha Merla (Technical member), and Naresh Salecha (Technical member)
National Company Law Appellate Tribunal (NCLAT): The Coram of Justice Jarat Kumar Jain, Judicial Member and Ashok Kumar Mishra, Technical Member, dismissed
Supreme Court: In an important ruling relating to the corporate insolvency resolution process concerning the corporate debtor, Jaypee Infratech Limited, the 3-judge
“The limited judicial review, which is available, can in no circumstance trespass upon a business decision arrived at by the majority of CoC.”
National Company Law Tribunal (NCLT), Hyderabad bench approved NHPC’s Resolution Plan for taking over Jalpower Corporation Limited (JPCL) as going concern vide its
National Company Law Appellate Tribunal (NCLAT): The Bench of Justice Bansi Lal Bhat (Acting Chairperson) and Justice Anant Bijay Singh (Judicial Member), Dr
National Company Law Appellate Tribunal (NCLAT): Full Bench of Justice Bansi Lal Bhat (ACJ) and Justice Anant Bijay Singh (Judicial Member) and Dr
The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Liquidation Process) (Third Amendment) Regulations, 2020.
Supreme Court: The 3-judge bench of RF Nariman, Surya Kant and V. Ramasubramanian, JJ has set aside the NCLAT order dated 04.07.2019