Constitution of Committee of Creditors (COC) - 66% needed for ...

Case Laws Insolvency and Bankruptcy

June 8, 2019

Constitution of Committee of Creditors (COC) - 66% needed for CIRP - as per Section 21(2) of IBC, 2016, COC shall comprise of all financial creditors and must be construed as one and cannot be segmented class wise particularly for the purpose of computation of voting share - The voting share as are prescribed and required to be achieved IBC are mandatory in nature and cannot be held to be directory

View Source

← Previous Next →

Constitution of Committee of Creditors (COC) - 66% needed for ...

Case Laws Insolvency and Bankruptcy

June 8, 2019

You may also like:

CIRP process - We are not convinced with the argument that amended Sub-Section (4) of Section 30 requires only Secured Financial Creditors to contribute towards interim...

CIRP proceedings - Financial Creditors - Related party - while the default rule under the first proviso to Section 21(2) is that only those financial creditors that are...

Admissibility of section 7 application - CIRP - existence of debt and default or not - The NCLAT held that the financial distress and inability of the corporate debtor...

Financial creditor versus Operational creditor - different treatment - right to be in the Committee of Creditors (COC) - The rationale of giving a particular treatment...

CIRP - Fraudulent Transactions or transaction in the normal course of business - It is seen that the intent to defraud the creditors”, under Section 66(1) of the I & B...

Threshold limit for triggering CIRP - Validity of Section 7 of the Insolvency and Bankruptcy Code, 2016 - Initiation of CIRP by Financial Creditors - The statute i.e.,...

In the interest of justice the time spent till now before the Adjudicating Authority from the 2nd CoC Meeting till the date of this order should be excluded from...

Seeking withdrawal of application filed under section 9 of IBC, 2016 by filing the FORM-FA which is not accepted - Since the CoC has been constituted by the IRP and the...

Withdrawal from CIRP on the ground that the Applicant is in the process of re-structuring the debt of the Corporate Debtor - As a matter of fact, in this case no...

Seeking closure (withdrawal) of CIRP proceedings - Settlement of dispute between the parties - The present is a case where Committee of Creditors has not yet been...

Withdrawal of CIRP Application filed u/s 12 A of IBC - settlement between the Appellants and the Corporate Debtor - On the day when the Application was filed, there was...

Initiation of CIRP - All the projects of Corporate Debtor (Real Estate developer i.e Supertech Ltd.) or specified project to be proceeded against - In ‘CIRP’ Process,...

CIRP - role of IRP - The IRP is directed to proceed with CIRP. Obviously, the IRP has to take further proceeding in CIRP as per sections 18 to 21 of the IBC, 2016. He...

CIRP - Relating parties - As on the date of it becoming a part of the CoC, Respondent No. 2 was purely a Financial Creditor of the Corporate Debtor and hence, it cannot...

Invocation of Bank Guarantee allowing the Application of the Resolution Professional - Performance Bank Guarantee or not - as per the facts of this case, the Bank...

Quick Updates: