Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
IBC - Highlights / Catch Notes

Home Highlights September 2022 Year 2022 This

Liquidation of the Corporate Debtor - Validity of decision of ...

Insolvency and Bankruptcy

September 3, 2022

Liquidation of the Corporate Debtor - Validity of decision of Committee of Creditors - It is true that under the statute CoC is empowered to take a decision to liquidate the Corporate Debtor. Material irregularity has been committed in the process - the sufficient ground exist within the meaning of Section 61(4) to assail the order directing for liquidation. The Adjudicating Authority in the impugned order only relying on the resolution of the CoC in 5th meeting has directed for liquidation without even taking into consideration minutes of subsequent 6th, 7th and 8th meetings of CoC, the steps taken by CoC to invite plan from the Appellant, discussion of the plan and ultimately decision thereon. - AT

View Source

 


 

You may also like:

  1. Liquidation of the Corporate Debtor if a Resolution Plan is rejected - Resolution Professional, Adjudicating Authority or the Appellate Authority is/are not empowered to...

  2. Liquidation of Corporate Debtor - This ‘Tribunal’ keeping in mind of a primordial fact that the decision of the ‘Committee of Creditors’ takes a pivotal seat based on...

  3. Liquidation of the Corporate Debtor - CIRP period has expired and no resolution plan was approved by the Committee of Creditors - The Corporate Debtor is ordered to be...

  4. Corporate insolvency process - Power of Board to decide amount is to be paid to the ‘Financial Creditor’ or ‘Operational Creditor’ including the liquidation value - SC...

  5. Liquidation of Corporate Debtor - section 33 of IBC - This Appellate Tribunal is very conscious of the fact that Liquidation should be the last resort as this virtually...

  6. Liquidation of Corporate Debtor - timeline prescribed in the liquidation proceedings or not - Since the objective of the IBC is to prefer resolution over liquidation and...

  7. Seeking Liquidation of Corporate Debtor - no resolution plan received till date (by RP) - no error can be said to have been committed by the Committee of Creditors in...

  8. Stay of liquidation application - the legislature has consciously not provided any ground to challenge the "commercial wisdom" of the individual financial creditor or...

  9. Validity of order of liquidation of the Corporate Debtor - The Appellate Tribunal concluded that the unanimous decision of the CoC to liquidate the Corporate Debtor,...

  10. Liquidation of the Corporate Debtor under Section 33 of the IBC - The appellant contended that the RP misled the CoC regarding the possession and valuation of assets,...

 

Quick Updates:Latest Updates