Constitution of Committee of Creditors (COC) - 66% needed for ...

COC under IBC 2016 requires 66% voting for CIRP decisions, treating all financial creditors as one entity.

June 8, 2019

Case Laws Insolvency and Bankruptcy Tri

Constitution of Committee of Creditors (COC) - 66% needed for CIRP - as per Section 21(2) of IBC, 2016, COC shall comprise of all financial creditors and must be construed as one and cannot be segmented class wise particularly for the purpose of computation of voting share - The voting share as are prescribed and required to be achieved IBC are mandatory in nature and cannot be held to be directory

View Source

← Previous Next →

Constitution of Committee of Creditors (COC) - 66% needed for ...

COC under IBC 2016 requires 66% voting for CIRP decisions, treating all financial creditors as one entity.

June 8, 2019

Case Laws Insolvency and Bankruptcy Tri

You may also like:

CIRP process - We are not convinced with the argument that amended Sub-Section (4) of Section 30 requires only Secured Financial Creditors to contribute towards interim...

CIRP proceedings - Financial Creditors - Related party - while the default rule under the first proviso to Section 21(2) is that only those financial creditors that are...

Threshold limit for triggering CIRP - Validity of Section 7 of the Insolvency and Bankruptcy Code, 2016 - Initiation of CIRP by Financial Creditors - The statute i.e.,...

The summary focuses on the approval of a resolution plan by the Committee of Creditors (CoC) and the limited scope of judicial review by the adjudicating authority. The...

Admissibility of section 7 application - CIRP - existence of debt and default or not - The NCLAT held that the financial distress and inability of the corporate debtor...

Replacement of the Resolution Professional - The decision taken by the CoC is a decision by vote of 66% and when the decision is by votes of a collective body, the...

Initiation of CIRP - Financial creditor within the meaning of sub-section (7) of Section 5 of the IBC - The Supreme Court affirmed the NCLAT’s judgment, holding that the...

The NCLAT held that the appropriate recourse for the appellant is to permit the financial creditors to file an application u/s 12A through the IRP as per Regulation 30A...

Permission to withdraw the Corporate Insolvency Resolution Process (CIRP) - The resolution for withdrawal of CIRP did not obtain the required percentage of voting by the...

Withdrawal from CIRP on the ground that the Applicant is in the process of re-structuring the debt of the Corporate Debtor - As a matter of fact, in this case no...

The Appellant, a related party unsecured financial creditor, challenged the resolution plan approved by the Committee of Creditors (CoC) and the Adjudicating Authority,...

The NCLAT upheld the admission of the Section 7 application filed by the Financial Creditor (Respondent No.1) for initiating CIRP against the Corporate Debtor. It held...

CIRP - discrimination of Related Party Financial or Operational Creditor - IBC treats related parties as a separate category for specified purposes, excluding from the...

Approval of Resolution Plan - voting share was not sufficient enough to get any plan approved - There are only two option available as on date, first to direct the...

Approval of Resolution Plan - Whether the CoC and Adjudicating Authority discriminated the Operational Creditors from Financial Creditor - once the plan was approved by...

Quick Updates: