Request for closer of CIRP - 88% shareholders ready to provide ...

Insolvency and Bankruptcy

January 12, 2024

Request for closer of CIRP - 88% shareholders ready to provide funds and repay the debts - Rejection of the proposal of the shareholders / corporate debtors - The decision of the CoC is arbitrary in not approving 12A Proposal which Proposal offered to pay entire debt of Financial Creditors as well as all other creditors. From the minutes of 14th and 15th CoC, it is clear that CoC has expressed its willingness to accept the proposal if entire amount is deposited, however, opportunity was not granted by the CoC and within three days from 10.10.2023 meeting i.e. on 13.10.2023 they dissented the proposal although they initially granted six weeks’ time to deposit the amount. - AT

View Source

← Previous Next →

Request for closer of CIRP - 88% shareholders ready to provide ...

Insolvency and Bankruptcy

January 12, 2024

You may also like:

Norms for Debt Exchange Traded Funds (ETFs)/Index Funds

Disallowance u/s 14A - since the shareholders funds are far in excess of the investments, it can be presumed that investments are out of interest free shareholders funds...

Foreign Investments in Infrastructure Debt Funds - Cir. No. 49 Dated: November 22, 2011

Initiation of CIRP - The Petitioner has approached this forum only for recovery. He has not made out any case that the Corporate Debtor is insolvent and unable to repay...

Addition made u/s 68 - once the identity and other relevant particulars of shareholders are disclosed, it is for those shareholders to explain the source of their funds...

Rejection of application against admission of CIRP u/s 7 application filed by the Financial Creditor - The tribunal pointed out that the corporate debtor’s financial...

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...

Continuation of CIRP proceedings when the operational debts have been paid by the corporate debtors - Appellant cannot get away from liability of interest by saying that...

Initiation of CIRP - Existence of a financial debt - Assignment of debt- The Appellate Tribunal (NCLAT) upheld the Adjudicating Authority’s findings, agreeing that: The...

Initiation of CIRP - The debt has been defined in Section 3(11) means a liability or obligation in respect of a claim which is due from any person and includes a...

Initiation of CIRP - operational debt claimed by RCL was due and payable or not - While the initial operational debt was cleared, issues related to GST payments and...

Initiation of CIRP - Financial Debt or not - The present transaction was in pursuance of the sale agreement. There was no other agreement formed between the parties for...

Rejection of Resolution Plan -Rejection of Resolution Plan -Rejection of Resolution Plan -Rejection of Resolution Plan -Rejection of Resolution Plan -Rejection of...

Deemed dividend - The expression "shareholder being a person who is the beneficial owner of shares" referred to in the first limb of Section 2(22)(e) refers to both a...

Rate of interest on Employee’s Provided Fund fixed at ₹ 9.5%

Quick Updates: