Resolution Applicant cannot Withdraw or Modify the Resolution Plan after approved by Committee of Creditors: Supreme Court [Read Judgement]
The Supreme Court viewed that resolution applicant cannot withdraw or modify the resolution plan after approved by committee of creditors. The court...
![IBBI Incorporates Fresh Provisions for Insolvency Professionals Assignment Resignation [Read Notification]](https://www.taxscan.in/wp-content/uploads/2024/02/IBBI-Insolvency-Professionals-Assignment-Resignation-IBBI-updates-IBBI-regulations-TAXSCAN.jpg "IBBI Incorporates Fresh Provisions for Insolvency Professionals Assignment Resignation [Read Notification]")
Approval of Resolution Plan below Liquidation Value is within Commercial Wisdom of CoC: NCLAT [Read Order]
The Chennai Bench of the National Company Law Appellate Tribunal ( NCLAT ) observed that the approval of the resolution plan below the liquidation value is within the commercial wisdom of the...
Power vested on RP u/s 25(1) of IBC to Reject CoC's Proposal for Renewal of Bank Guarantees by CD: NCLAT
The Chennai Bench of the National Company Law Appellate Tribunal (NCLAT) observed that power is vested on Resolution Professional under Section 25(1) of the Insolvency and Bankruptcy Code, 2016 (IBC)...
Promoter Eligible to Submit Resolution Plan even if MSME Registration obtained Post Commencement of CIRP: SC [Read Judgement]
The Supreme Court in a recent ruling held that the promoter is eligible to submit resolution plan even if MSME registration obtained post commencement of CIRP. Shree Aashraya Infra-Con Limited...
Amount of Unsuccessful Auction Bidder Forfeited and Added into account of CD, Benefitting Stakeholders of CD Company, amounts to ‘Undue Enrichment’: NCLAT [Read Order]
The National Company Law Appellate Tribunal (NCLAT) ruled that the amount of unsuccessful auction bidder forfeited and added into account of the corporate debtor (CD), benefitting Stakeholders of CD...
Issuance of Form G by CoC to Grant Extension After Expiry of 300 Days to Complete CIRP Process is Valid: NCLAT [Read Order]
The Delhi bench of the National Company Law Appellate Tribunal(NCLAT) in the matter of Mr Ramneek Goel has held that issuance of form G by the Committee of Creditors (CoC) to grant an extension after...
Non-Counting Votes of Two Major CoC Members i.e Union Bank of India and Bajaj Finserv: IBBI suspends IP [Read Order]
The Disciplinary Committee of the Insolvency and Bankruptcy Board of India (IBBI) suspended an Insolvency Professional (IP), Poonam Basak, on the ground of non-counting votes of two major the...
Lein in Corporate Debtor prior to CIRP cannot continue after Moratorium imposed u/s 14of IBC: NCLAT [Read Order]
The National Company Law Tribunal (NCLT), Mumbai Bench, has held that the lien created on the Corporate Debtor’s account prior to initiation of the Corporate Insolvency Resolution Process (“CIRP”)...
