Closure of CIRP - integrity and fairness demanded that the ...

Resolution Professional Criticized for Not Withdrawing CIRP Application, Incurring Excessive Fees Over Unrecoverable Claim.

August 12, 2023

Case Laws Insolvency and Bankruptcy AT

Closure of CIRP - integrity and fairness demanded that the Resolution Professional ought to have facilitated the withdrawal of the CIRP application as was desired by the sole CoC member/Respondent No.1 without unduly prolonging the proceedings. It is commonsensical that for recovery of a claim of about Rs.10 lakhs, incurring an expenditure of Rs.19 lakhs by way of fees/expenses of the Resolution Professional would be outlandish and that too when there seems to be no possibility of revival of the Corporate Debtor - AT

View Source

← Previous Next →

Closure of CIRP - integrity and fairness demanded that the ...

Resolution Professional Criticized for Not Withdrawing CIRP Application, Incurring Excessive Fees Over Unrecoverable Claim.

August 12, 2023

Case Laws Insolvency and Bankruptcy AT

You may also like:

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...

CIRP - Extension of time in the CIRP has to be applied by the Resolution Professional who is the official conducting the CIRP and further when CoC has instructed the...

Withdrawal of CIRP - Whether the Resolution Professional can be permitted to withdraw the CIRP against the Corporate Debtor by invoking inherent powers under Rule 11 of...

The NCLAT dismissed the appeal, holding that the Resolution Professional had jurisdiction to file an application for withdrawal of CIRP u/s 12A of the IBC. The NCLAT...

The Appellate Tribunal dismissed the appeal, holding that there was no infirmity in the Adjudicating Authority's order rejecting the application to set aside the...

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...

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...

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

This case deals with the extinguishment of demands due to the non-filing of claims by the revenue during the Corporate Insolvency Resolution Process (CIRP) under the...

Seeking direction to proposed Resolution Applicant to approach the Committee of Creditors (CoC) for deciding his eligibility under section 29A to submit a resolution...

Delay in implementation of approved Resolution Plan - In the present case, the Approved Resolution Plan has been alleged to be contravened by the Successful Resolution...

Corporate Insolvency Resolution Process (CIRP) - Settlement proposal initially rejected by Committee of Creditors (CoC), revised proposal submitted and pending...

Maintainability of application after approval of resolution plan - Application’ on behalf of the ‘Company - Suffice it for this Tribunal to make a pertinent mention that...

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...

The HC dismissed the petition filed by the petitioner challenging the rejection of its One Time Settlement (OTS) proposal and seeking relief after commencement of the...

Quick Updates: