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IBC - Highlights / Catch Notes

Home Highlights July 2019 Year 2019 This

Permission to withdraw the Corporate Insolvency Resolution ...

Insolvency and Bankruptcy

July 5, 2019

Permission to withdraw the Corporate Insolvency Resolution Process (CIRP) - The resolution for withdrawal of CIRP did not obtain the required percentage of voting by the members of CoC, i.e. 90% at the first instance. Subsequently, a CoC meeting was conducted, and a resolution was voted upon for reconsideration of the withdrawal. The RP/CoC has not quoted the exact provision that empowers them to again put for the voting of the resolution which was earlier defeated.

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