Writ petition under Article 226 of the Constitution seeking ...

Bankrupt firm's rejected resolution plan not entertained, court directs NCLT intervention.

Case Laws IBC

September 25, 2024

Writ petition under Article 226 of the Constitution seeking initiation of fresh voting on petitioner's Resolution Plan after considering principles of equality and fairness dismissed. Court held petitioner has efficacious remedy to assail CoC's action before NCLT as Adjudicating Authority has jurisdiction to regulate CoC's conduct, adjudicate upon resolution plan through judicial review, ensuring CoC functions per IBC. NCLT maintains supervisory role over CIRP proceedings u/s 60 of IBC. Court cannot usurp NCLT's powers to inquire into CoC's commercial wisdom rejecting petitioner's plan. Petitioner's offer to match successful bidder's offer cannot be entertained by Court. NCLT may allow open court bidding if deemed fit while considering CoC's decision. Petitioner granted liberty to approach NCLT to decide objections on merits per law.

View Source

← Previous Next →

Writ petition under Article 226 of the Constitution seeking ...

Bankrupt firm's rejected resolution plan not entertained, court directs NCLT intervention.

Case Laws IBC

September 25, 2024

You may also like:

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...

Approval of resolution plan with modification - Power of NCLT to modify the plan - Section 31 of the IBC - It is clear that mandate of legislation is either to approve...

Locus Standi of shareholder of the Corporate Debtor to challenge the Resolution Plan - Seeking for forensic audit of the Books of Accounts of the Corporate Debtor, and...

Plaintiff failed to requisition defendant for Resolution Plan detailing alleged excess payments. Documents required for adjudication of IA 2769/2022 supplied to...

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...

Validity of Assessment Order u/s 143(3) once the Resolution Plan is approved under the Code - CIRP proceedings under IBC - The resolution plan approved by the NCLT is...

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...

Approval of Resolution Plan - Scope of the remand back proceedings - The Adjudicating Authority on 06.09.2022 while disposing off application u/s 30(6) allowed the...

The court held that the Committee of Creditors (CoC) rightly considered and rejected the resolution plan submitted by M/s. Saverni Neutech Pvt. Ltd. and approved the...

Claim of appellant rejected on the ground that Resolution Plan has been approved by the CoC - right to claim consideration of claim again in third round - NOIDA’s status...

Corporate guarantee not discharged by approval of resolution plan for principal borrower under IBC. Supreme Court judgments in Lalit Kumar Jain, Maitreya Doshi, and Ajay...

Approval of Resolution plan - There is no error in the consideration of the CoC of the Resolution Plan and the commercial wisdom of the CoC by approving the Resolution...

Recovery of excise duty, which got extinguished on approval of resolution plan - Section 31(1) of the IBC, 2016 mandates that the resolution plan approved by the NCLT...

Approval of Resolution plan - Validity of order of NCLT issuing direction for consideration of PUFE Transaction Applications first and adjourning the Application for...

The resolution plan approved by the NCLT on 20th March, 2023, extinguished all claims, including statutory dues owed to the Central Government, that were not...

Quick Updates: