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IBC - Highlights / Catch Notes

Home Highlights December 2022 Year 2022 This

Approval of resolution plan with modification - Power of NCLT to ...

Insolvency and Bankruptcy

December 17, 2022

Approval of resolution plan with modification - Power of NCLT to modify the plan - Section 31 of the IBC - It is clear that mandate of legislation is either to approve the resolution plan or to reject. However, there is no provision for making alteration or modification in the resolution plan. - the learned Adjudicating Authority to some extent exceeded its jurisdiction in modifying/altering the conditions in the resolution plan - AT

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  1. Withdrawal/modification of approved Resolution Plan - Section 31(1) of IBC - The Supreme Court addressed cross-appeals concerning the approval of a resolution plan under...

  2. Approval of Resolution Plan - The Tribunal found the resolution plan’s treatment of operational creditors contrary to Section 30(2)(b) of the IBC, as operational...

  3. Immunity to corporate debtors and their assets, upon approval of a resolution plan - jurisdiction of NCLT to release the attached properties by invoking Section 32A of...

  4. Income tax proceedings against company dissolved / insolvent - Jurisdiction or authority to reopen or assess income for any period prior to the approval of the...

  5. No reduction in approval of resolution plans after enactment of IBC (Amendment) Ordinance 2017

  6. Validity of Resolution Plan - Fair and Equitable distribution under the Resolution Plan - Undoubtedly, the commercial decision and matters pertaining to it solely comes...

  7. Locus Standi of shareholder of the Corporate Debtor to challenge the Resolution Plan - Seeking for forensic audit of the Books of Accounts of the Corporate Debtor, and...

  8. Recovery of excise duty, which got extinguished on approval of resolution plan - Section 31(1) of the IBC, 2016 mandates that the resolution plan approved by the NCLT...

  9. Challenging the approval of Resolution plan -Delaying Tactics - This ‘Tribunal’ taking note of the divergent contentions advanced on either side and also bearing in mind...

  10. Approval of resolution plan - proceeding for liquidation of the company after non-compliance of approved resolution plan - Relief granted further 30 days given to make...

 

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