Inclusion of name of applicant in the CoC - related party or not ...

Assignee inherits related party status from Assignor, affecting inclusion in Committee of Creditors, per NCLAT ruling.

November 27, 2020

Case Laws Insolvency and Bankruptcy Tri

Inclusion of name of applicant in the CoC - related party or not - the Applicant is stepping into the shoes of the Assignor and thereby takes over the right of the Assignor with the onerous crown, which also includes the disadvantage as found in the Assignment Agreement. Thus, if the Assignor of a debt is a Related Party of the Corporate Debtor, as per the ratio laid down by the Hon'ble NCLAT, the Assignee, who is a third party, is also liable to be held as a Related Party of the Corporate Debtor. - Tri

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Inclusion of name of applicant in the CoC - related party or not ...

Assignee inherits related party status from Assignor, affecting inclusion in Committee of Creditors, per NCLAT ruling.

November 27, 2020

Case Laws Insolvency and Bankruptcy Tri

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