Challenge to resolution plan as approved by the CoC - Merely ...

Resolution Plan Valid Despite Reduced Creditor Claims; Haircuts Do Not Violate IBC Section 30(2)(e) Rules.

October 23, 2023

Case Laws Insolvency and Bankruptcy AT

Challenge to resolution plan as approved by the CoC - Merely because there is a reduction in the claim of any creditor does not make the resolution plan fall foul of law. We quite agree with the Adjudicating Authority that “resolution plan providing a lesser amount than admitted does not make it illegal”. Any clause in the resolution plan which requires creditors to take a hair-cut cannot be construed as being violative of Section 30(2)(e) of the IBC. - AT

View Source

← Previous Next →

Challenge to resolution plan as approved by the CoC - Merely ...

Resolution Plan Valid Despite Reduced Creditor Claims; Haircuts Do Not Violate IBC Section 30(2)(e) Rules.

October 23, 2023

Case Laws Insolvency and Bankruptcy AT

You may also like:

Challenge to an approved Resolution Plan where no consideration was given to payment to an Operational Creditor. The key points are: Section 30(2)(b) mandates that...

Approval of Resolution Plan - The Tribunal found the resolution plan’s treatment of operational creditors contrary to Section 30(2)(b) of the IBC, as operational...

The case pertains to the extinguishment of claims under the Insolvency and Bankruptcy Code (IBC) against Ruchi Soya Industries Limited, after the acceptance of the...

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...

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...

Approval of Resolution Plan - extinguishment of security interest and the guarantees - Resolution Plan in question has consciously dealt with securities and personal...

The NCLAT dismissed the appeal, holding that the Resolution Plan submitted by the Resolution Applicant did not violate any provisions of law, including Regulation 37(ba)...

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...

The High Court held that the Execution Application filed by the Applicant against the Respondent does not survive due to the approved Resolution Plan under the...

The Appellant's claim for stamp duty was filed belatedly, around 30 months after the public notice, without any plausible reason for the delay. The Appellant failed to...

The appellant's claim for Rs. 9.21 crores, arising from the termination of an agreement due to non-renewal of a performance bank guarantee, was not considered by the...

NCLAT ruled on NCLT's authority to modify resolution plans under IBC. Court held NCLT's powers do not extend to examining CoC's commercial wisdom or conducting...

Resolution plan approved by Committee of Creditors (CoC) with 97.54% vote share. Commercial wisdom of CoC in approving resolution plan not to be lightly interfered with....

The jurisdiction of the Adjudicating Authority and the Appellate Tribunal to interfere with the Resolution Plan approved by the Committee of Creditors (CoC) is limited...

Approval of Resolution Plan - provision for the payment of Provident Fund dues not made - After approval of the Resolution Plan under Section 31, the claims as provided...

Quick Updates: