Petition challenging maintainability of approved resolution plan ...

Petition dismissed: Resolution plan disclosure valid, corporate debtor's clean slate approved, creditor interests balanced.

Case Laws Insolvency and Bankruptcy

September 5, 2024

Petition challenging maintainability of approved resolution plan dismissed. Resolution applicant made full disclosure, not barred u/s 29A. Once resolution plan approved, corporate debtor proceeds on clean slate with successful applicant, debts satisfied as required then jettisoned. Approved resolution plan shields corporate debtor's assets from criminal prosecution and attachment, Section 32A clarificatory. Committee of Creditors acts for all creditors, balancing maximization of asset value and revival. Its commercially viable decisions approved by NCLT cannot be condemned. No grounds to interfere, writ petition dismissed with costs.

View Source

← Previous Next →

Petition challenging maintainability of approved resolution plan ...

Petition dismissed: Resolution plan disclosure valid, corporate debtor's clean slate approved, creditor interests balanced.

Case Laws Insolvency and Bankruptcy

September 5, 2024

You may also like:

The adjudicating authority has jurisdiction to cancel a registered General Power of Attorney (PoA) executed in favor of the appellant, who was a nominee of the corporate...

Eligibility of ex-promoter/Corporate Debtor u/s 29A read with Section 240A of the IBC to submit a resolution plan claiming the benefits of MSME - rejection of Resolution...

Approval of resolution plan - during the CIRP of ACIL, no valuer was appointed to determine the fair value of the shares held by the the Corporate Debtor. Therefore, the...

Approval of Resolution Plan - whether the Appellant is secured creditor of the Corporate Debtor or not? - The Tribunal noted that the appellant based their claim on...

This appeal challenges the approval of a resolution plan by the adjudicating authority. The appellant contends that the resolution professional (RP) failed to disclose...

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 Noida authority had terminated the lease deed of the subject land prior to the commencement of the Corporate Insolvency Resolution Process (CIRP) of the Corporate...

The Insolvency and Bankruptcy Code, 2016 (IBC) has overriding effects over other laws as per Section 238. After approval of the Resolution Plan by NCLT, pending...

CIRP - Physical inspection of plant and machinery of the Corporate Debtor - After approval of the Resolution Plan, Monitoring Committee under the statutory scheme is to...

Validity of approval of resolution plan of corporate debtor - the Resolution plan as approved by the CoC using its commercial wisdom and subsequent approval by the...

Once a resolution plan is approved u/s 31(1) of the Insolvency and Bankruptcy Code, 2016 (IBC), only the debts specified in the resolution plan remain payable. This...

The National Company Law Appellate Tribunal, Principal Bench, New Delhi, addressed the validity of the Corporate Insolvency Resolution Process (CIRP) against a...

The Appellate Tribunal examined the applicability of Section 240A of the Insolvency and Bankruptcy Code (IBC) to the Corporate Debtor registered as an MSME and whether...

Initiation of CIRP - Guarantor - Extinguishment of debt - The NCLAT upheld the NCLT's decision, finding that ECL did not act as a guarantor for ESL's debts based on the...

Immunity to corporate debtors and their assets, upon approval of a resolution plan - jurisdiction of NCLT to release the attached properties by invoking Section 32A of...

Quick Updates: