NCLT allows liquidation of Go First Airways
“Decision taken by the CoC for liquidation in commercial wisdom of the CoC should not be interfered with by the Adjudicating Authority.”
Committee of Creditors
‘Supervisory & judicial review powers vested in HCs demands rigorous scrutiny & judicious application’; SC sets aside HC’s order interdicting CIRP proceedings under IBC
“The IBC is a complete code in itself, having sufficient checks and balances, remedial avenues and appeals. Adherence of protocols and procedures maintains legal discipline and preserves the balance between the need for order and the quest for justice.”
IBBI and INSOL India 2nd International Conclave on ‘Insolvency Resolution: Evolution and Global Perspectives’
The Insolvency Bankruptcy Board of India (‘IBBI’) and INSOL India held the 2nd International Conclave in Delhi on 7th December to engage in the path-breaking discourse surrounding the ever-evolving space of insolvency and bankruptcy.
Read why Supreme Court dismissed NOIDA Special Economic Zone Authority’s appeal for claim of Rs. 6 Crore against corporate debtor
The claims pertaining to the transfer fees, etc., cannot be dealt with by courts or tribunals as the same relates to the commercial wisdom of the Committee of Creditors for they are the best persons to determine their interests, and any such interference is non-justiciable except as provided by Section 30(2) of IBC 2016.
Insolvency of “Group Companies”
by Anuja Pethia* and Rishabh Govila**
Shardul Amarchand Mangaldas & Co. advises the Committee of Creditors of Metalyst Forgings Limited
Shardul Amarchand Mangaldas & Co. advised the committee of creditors (CoC) in the corporate insolvency resolution process of Metalyst Forgings Limited (Metalyst),
CoCs cannot consider Resolution Plans from applicants not listed in Prospective Resolution Applicants’ List: NCLAT
NCLAT held that CoCs’ resolution not to consider Resolution Plans from additional new entrants rendered the NCLAT’s orders unsustainable.
Performance of the NCLTs under the IBC Regime: An Overview
by Bishwajit Dubey† and Raghav Pandey††
IBBI introduces Monitoring Committe for streamlining implementation of Resolution Plan
IBBI notifies Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2024.
Delhi High Court directs IBBI to frame code of conduct for effective working of Committee of Creditors
“The need for a code of conduct assumes greater importance in light of the fact that once a decision is taken by the CoC, the aggrieved party is deprived of the legal remedies, except to a limited extent.”
NCLAT affirms Committee of Creditors’ authority to opt for liquidation under Section 33(2) of the IBC; sets aside show cause notice
The NCLAT held that the CoC had the jurisdiction to decide on liquidation as per Section 33(2) and its explanation, even before completing all steps for resolution.
10 Important Insolvency Law Judgments of 2023
by Vasanth Rajasekaran† and Harshvardhan Korada††
Cite as: 2024 SCC OnLine Blog Exp 1
Corporate Debtor cannot constitute Committee of Creditors with a single Operational Creditor under IBC: NCLAT
NCLAT held that CIRP be closed with respect to the Corporate Debtor since not a single ‘Claim' was received by the IRP even after the public announcement.
DSK Legal advises Resolution Professional of JBF Petrochemicals Ltd. with respect to the corporate insolvency resolution process of JBF
DSK Legal advised and assisted Mr. Sundaresh Bhat, appointed as Resolution Professional JBF Petrochemicals Limited (“JBF”) with respect to the corporate insolvency
Looking to a Settlement Mechanism for Avoidance Actions under the IBC
by Anoop Rawat†, Saurav Panda†† and Amrit Mahal†††
Cite as: 2023 SCC OnLine Blog Exp 51
What is the rule for settlement after constitution of ‘Committee of Creditors’? NCLAT Answers
“Any settlement after passing of the impugned order and after constitution of the CoC is only permissible when the same is approved with 90% vote share of CoC.”
Shardul Amarchand Mangaldas advises the committee of creditors in the corporate insolvency resolution process of Educomp Infrastructure and School Management Limited
Shardul Amarchand Mangaldas advised Axis Bank Limited (Lead Bank), State Bank of India, J.C. Flowers Asset Reconstruction Private Limited, Punjab National Bank,
Thanos’ Infinite Gauntlet Given an Endgame Treatment – Jurisdiction of the NCLT under Section 60(5) as interpreted by the Apex Court
by Akaant Kumar Mittal†
Cite as: 2023 SCC OnLine Blog Exp 23
NCLAT| After closure of Challenge Process and consequent receipt of resolution plan, Adjudicating Authority cannot direct consideration of the revised plan submitted thereafter
National Company Law Appellate Tribunal observed that once the CoC has decided to vote on the resolution plans after closure of challenge process, the Adjudicating Authority cannot direct the CoC to consider any revised plan submitted thereafter.