CIRP - Resolution Plan - If unsolicited plans are obtained at ...

Insolvency and Bankruptcy

January 10, 2024

CIRP - Resolution Plan - If unsolicited plans are obtained at any stage it will cause unnecessary avoidable delay in the CIRP process. If resolution plans are allowed to be submitted at any stage, it will make the whole CIRP process unending. To curtail the delay in the CIRP process, it is appropriate to restrain the tendency to consider resolution plans after the time as specified by the CoC and from someone not in the final list of PRAs. This has been the spirit and justification of newly inserted provisions in the Regulations in 2021 and which has been eloquently described in the Discussion Paper of the IBBI, before changes were brought in and which have also been referred to by SRA viz. SEAPOL. - AT

View Source

← Previous Next →

CIRP - Resolution Plan - If unsolicited plans are obtained at ...

Insolvency and Bankruptcy

January 10, 2024

You may also like:

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...

Condonation of delay in filing application - fresh claim in CIRP - The prospective Resolution Applicants submitted their Resolution Plan on the basis of their financial...

Rejection of Application for Pre-Packaged Insolvency Resolution Process (PPIRP) based on Ineligibility or Deficiency in Application - The NCLAT found the application was...

Approval of Resolution Plan - Validity of the order of Adjudicating Authority (NCLT) wherein it held that Rishima cannot be called as a Financial Creditor and Rishima...

CIRP - Scope of the Supreme Court order - Direction to Sahara group of companies not to part with movable and immovable properties - The order dated 21.11.2013 passed by...

Approval of Resolution Plan - CIRP - when a resolution plan is approved by the CoC with more than 66% vote share and submitted before the Adjudicating Authority for...

Approval of Resolution Plan - CIRP process - dissenting financial creditors - No financial creditor either assenting or dissenting can challenge a Resolution Plan, as...

Jurisdiction - power to issue SCN - CIRP proceedings - Approval of resolution plan - The impugned show-cause notice seeks to do, what is, in fact, an exercise in...

Challenging the approval of Resolution plan -Delaying Tactics - This ‘Tribunal’ taking note of the divergent contentions advanced on either side and also bearing in mind...

Re-determination of the CIRP - The direction to CoC to redetermine the CIRP cost after approval of the Resolution Plan by the CoC is unsustainable - The audited Report...

Delay in implementation of approved Resolution Plan - In the present case, the Approved Resolution Plan has been alleged to be contravened by the Successful Resolution...

Fresh consideration of resolution plan after a resolution approved by the CoC - Direction given by the NCLAT that Corporate Insolvency Resolution Process (CIRP) to be...

Approval of Resolution Plan - Fresh claim - When the Resolution Plan has already been approved by the CoC and it is pending before the Adjudicating Authority for...

Rectification in the approved Resolution Plan - Adjudicating Authority had no jurisdiction to entertain an application for rectification of Resolution Plan and making...

CIRP - power to entertain new Resolution Plan after approval of another resolution plan by the CoC - The Appellant has made out a prima-facie case to be interfered with...

Quick Updates: