Tribunal Reviews Formation of Consolidated Creditors' Committee Amid Group Insolvency Gaps in Insolvency and Bankruptcy Code.

CIRP Proceedings - Resolution plan - seeking directing to form a consolidated ‘Committee of Creditor’ (CoC) of the Corporate Debtor alongwith ‘parent company’ and the Corporate Debtor etc. - The Code is silent on the issue of ‘Group Insolvency’ and only when input is available in respect of all subsidiary companies and holding company then only it can be examined and that too only with respect to the material available in the Appeal Paper book and relief sought. This Tribunal is the creature of the statute only and hence, it has to work within the framework of the Code. - AT .....

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