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IBC - Highlights / Catch Notes

Home Highlights March 2021 Year 2021 This

Backdoor entry for approval of resolution plan - The action of ...

Insolvency and Bankruptcy

March 16, 2021

Backdoor entry for approval of resolution plan - The action of the RP and CoC is in violation of the express provisions of the Code and Regulations made thereunder. However, if the CoC wanted to extend the timeline, it should have done so within the procedure prescribed there for. By providing a special treatment, back door entry for accepting the Resolution Plan of the DSKL’s the Resolution Professional and the CoC have deviated from the norms prescribed under the Code and the Regulations framed there under, which vitiates the Corporate Insolvency Resolution Process and caused prejudice to the other PRAs. - Tri

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