Claims Before Approval of Resolution Plan Extinguished on Approval of Plan u/s 31 of IBC: Orissa HC [Read Order]
The Orissa High Court held that claims before approval of resolution plan were extinguished on approval of plan under section 31 of the Insolvency...
Insolvency Professional Entities are qualified to Appoint as Resolution Professionals: NCLT Holds in Favour of Piramal Capital [Read Order]
The National Company Law Tribunal( NCLT ) held that Insolvency Professional Entities ( IPEs ) are qualified to be appointed as Resolution Professionals ( RPs ) under the Insolvency and Bankruptcy...
Claims cannot be Automatically Treated as CIRP Costs unless directly related to CIRP and approved by CoC: NCLAT [Read Order]
In a recent case, the National Company Law Appellate Tribunal ( NCLAT ) observed that claims cannot be automatically treated as the Corporate Insolvency Resolution Process ( CIRP ) costs unless...
Adjudicating Authority Must Exercise Revisional Jurisdiction to Assess Correctness of COC's Actions: Madras HC [Read Order]
In a recent case, the Madras High Court held that though the Adjudicating Authority may not substitute the commercial wisdom of the Committee of Creditors ( CoC ), however, it must exercise...
Corporate Entity Starts in Clean State on Rejuvenation on Approval of Resolution Plan by NCLT: Calcutta HC [Read Order]
The Calcutta High Court held that after the insolvency proceeding is over and the resolution plan is duly approved by the National Company Law Tribunal ( NCLT ), the corporate entity starts with a...
Adjudicating Authority not Empowered to Substitute its own Assumption with CoC's Commercial Wisdom: NCLAT [Read Order]
The New Delhi Bench of the National Company Law Appellate Tribunal ( NCLAT ) held that the adjudicating authority not empowered to substitute its own assumption with the Committee of Creditors (...
