Appeal against order filed by Resolution Professional (RP) was ...

Insolvency resolution process: CoC empowered to take necessary steps per Supreme Court directions.

Case Laws IBC

November 21, 2024

Appeal against order filed by Resolution Professional (RP) was disposed of. Resolution Plan submitted by Appellant was approved by Committee of Creditors (CoC) on 07.11.2020. Excise & Taxation Officer's claim was initially allowed by Adjudicating Authority but reversed by Appellate Tribunal, leading to Civil Appeal before Supreme Court. Supreme Court directed completion of process within 90 days. RP filed application seeking directions, which Adjudicating Authority allowed but without specifying process to be conducted. Appellate Tribunal permitted RP to place agenda before CoC regarding necessary steps in Corporate Insolvency Resolution Process as per Supreme Court's directions. CoC, being in overall control, may take decisions and complete process as directed by Supreme Court. Appeal disposed off granting liberty to RP to place appropriate agenda before CoC.

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Appeal against order filed by Resolution Professional (RP) was ...

Insolvency resolution process: CoC empowered to take necessary steps per Supreme Court directions.

Case Laws IBC

November 21, 2024

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