Corporate Debtor, going concern or not - interim funds to run ...

Resolution Professional Needs 66% CoC Approval for Interim Finance Under IBC Section 28; Adjudicating Authority's Order Overturned.

March 4, 2021

Case Laws Insolvency and Bankruptcy AT

Corporate Debtor, going concern or not - interim funds to run the concern - On going through Section 28(1)(a), Section 28(3) and Section 28(4), it is clear that the Resolution Professional can raise Interim Finance only subject to approval of the Committee of Creditors by a vote of 66 % under Section 28. In the instant case it is an admitted fact that the CoC have not approved the raising of any interim funds. - It is reiterated by the Resolution Professional that the Corporate Debtor is not a going concern - the direction given by the Adjudicating Authority in MA 4002/2019 are contrary to the provisions of IBC and are hereby set aside. - AT

View Source

← Previous Next →

Corporate Debtor, going concern or not - interim funds to run ...

Resolution Professional Needs 66% CoC Approval for Interim Finance Under IBC Section 28; Adjudicating Authority's Order Overturned.

March 4, 2021

Case Laws Insolvency and Bankruptcy AT

You may also like:

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 - CIRP - when a resolution plan is approved by the CoC with more than 66% vote share and submitted before the Adjudicating Authority for...

Violation of res judicata principles u/s 11 of the Code of Civil Procedure, 1908, suppression of relevant facts from the Committee of Creditors (CoC), discrepancy in...

CIRP - Calculation of the interest - admission of the claim by the Resolution Professional - The Adjudicating Authority directed to examine the exorbitantly high...

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...

Direction to COC to consider ineligibility of 3rd Respondent under Section 29A of I&B Code - as per the Provisions of Law, the COC has power to take a decision with...

Rejection of approval Plan - CIRP - One of the reasons given by the Adjudicating Authority for rejection is that the claim of Income Tax Department of dues to be paid...

The NCLAT dismissed the appeal challenging the approval of the resolution plan by the Committee of Creditors (CoC) and the Adjudicating Authority. The key findings were:...

Approval of resolution plan - allegation of non consideration of undervalued transaction - reversal of effects of such avoidance transactions - The application under...

CIRP - power to entertain new Resolution Plan after approval of another resolution plan by the CoC - The Appellant has made out a prima-facie case to be interfered with...

Backdoor entry for approval of resolution plan - The action of the RP and CoC is in violation of the express provisions of the Code and Regulations made thereunder....

Re-determination of the CIRP - The direction to CoC to redetermine the CIRP cost after approval of the Resolution Plan by the CoC is unsustainable - The audited Report...

The NCLAT dismissed the appeal filed by the Appellant challenging the approval of the resolution plan for the Corporate Debtor. The key points are: The Interim...

Approval of Resolution Plan - Resolution plan met with 66% criteria or not - In this case, even though the resolution plan of M/s. KALS Group has been approved with 100%...

Challenge to direction that entire cost be paid by the Applicant/Appellant - Admission of CIRP set aside - Corporate Debtor was NBFC - NCLAT observed that, in a...

Quick Updates: