2020 (2) TMI 1478 - SC - Insolvency and Bankruptcy

Revision of Resolution plan - direction to revise expression of interest (EOI) issued and float new revised EOI by making changes suggested and extending date - section 10 of the Insolvency and Bankruptcy Code, 2016 - It was held by NCLAT that Under the statutory law, the requirement to get a special Resolution passed by AGM or EGM was provided on 6th June, 2018 in section 10 of IBC vide Second Amendment Act, 2018 and thus, it is not found that the admitting of proceedings under section 10 in the present matter on 26th April, 2018 (which was prior in time) to be bad. HELD THAT - There are no ground to interfere with the impugned order(s) passed by the Tribunal. The appeal is, accordingly, dismissed.

Summary

Title: Supreme Court of India dismisses appeal, upholds Tribunal's order

Judges: Arun Mishra and M. R. Shah

Decision: Appeal dismissed, no interference with Tribunal's order. Pending applications disposed of.