Rejection of Application for Pre-Packaged Insolvency Resolution ...

Case Laws Insolvency and Bankruptcy

March 7, 2024

Rejection of Application for Pre-Packaged Insolvency Resolution Process (PPIRP) based on Ineligibility or Deficiency in Application - The NCLAT found the application was indeed complete and compliant with the IBC requirements, indicating an error in the NCLT's rejection based on the merits of the base resolution plan, which was premature and outside the scope of examination at the application stage. - The NCLAT clarified that the statutory scheme of the IBC does not envisage consideration of the base resolution plan's merits at the application stage. The Tribunal emphasized that the scheme mandates examination of the resolution plan's approval by the Committee of Creditors (CoC) post the initiation of PPIRP, with the base resolution plan neither being final nor requiring adjudicatory approval at the application stage.

View Source

← Previous Next →

Rejection of Application for Pre-Packaged Insolvency Resolution ...

Case Laws Insolvency and Bankruptcy

March 7, 2024

You may also like:

The Tribunal dismissed the application seeking to extend the Pre-packaged Insolvency Resolution Process (PPIRP) for a Corporate Debtor beyond the specified 120-day...

The appellate tribunal held that the maximum 120-day period for completing the Pre-Package Insolvency Resolution Process (PPIRP) is not mandatory. The termination of...

Eligibility of persons to be resolution applicant - The word “such creditor” in Section 29A(h) has to be interpreted to mean similarly placed creditors after the...

External Commercial Borrowings (ECB) Policy – ECB facility for Resolution Applicants under Corporate Insolvency Resolution Process

Jurisdiction - rights of Adjudicating Authority to hear Objectors/ Interveners, before admission of the Application - The Scheme under Chapter III-A and the Regulations...

Corporate Insolvency Resolution Process - consortium finance - Application by lead banker - no bar for the applicant to approach this Hon'ble Tribunal for initiating...

Corporate Insolvency Resolution Process - The presence of an arbitration clause in the share purchase agreement would not cause any impediment with regard to initiation...

Maintainability of application - initiation of CIRP - While a written contract cannot be treated as a pre-requisite to proving the existence of financial debt, the...

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...

Rejection of petitioner's application for grant of registration by a non-speaking order - In this case, the petitioner, a successful Resolution Applicant under the...

IBBI amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and the Insolvency and Bankruptcy Board...

Rejection of application filed for extension of time for the purposes of completion of the Insolvency Resolution Process - The Appellate Tribunal (NCLAT) acknowledged...

Initiation of insolvency resolution of a personal guarantor of the Corporate debtors - The law doesn't envisage that the insolvency resolution of the personal guarantor...

Corporate Insolvency Resolution Process - mala fide intention - the corporate applicant filed the application with mala fide intention and with ulterior motive for...

Approval of resolution plan - Amendments in the Regulation 39 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons)...

Quick Updates: