Inclusion of the Appellant in the Committee of Creditors (CoC) ...

Insolvency and Bankruptcy

February 15, 2024

Inclusion of the Appellant in the Committee of Creditors (CoC) and also to provide voting rights to the Applicant/ Appellant - The appellant, a foreign financial lender, extended loans to the Corporate Debtor - Appellant is a related party of the Corporate Debtor or not - The NCLAT found no substantial evidence that the Corporate Debtor acted on the appellant's advice, directions, or instructions as required under Section 5(24)(h). The actions of Rembert Biemond as a director of the Corporate Debtor could not be construed as directions from the appellant. - The NCLAT set aside the Adjudicating Authority's order, allowing the appellant's inclusion in the CoC with proportionate voting rights, based on the admitted claim amount in the CIRP.

View Source

← Previous Next →

Inclusion of the Appellant in the Committee of Creditors (CoC) ...

Insolvency and Bankruptcy

February 15, 2024

You may also like:

In the interest of justice the time spent till now before the Adjudicating Authority from the 2nd CoC Meeting till the date of this order should be excluded from...

Constitution of Committee of Creditors (COC) - 66% needed for CIRP - as per Section 21(2) of IBC, 2016, COC shall comprise of all financial creditors and must be...

Validity of Resolution Plan - only 2% of their ‘Claims’ has been admitted, while the workman and other statutory dues have been paid 100% - Having regard to the fact...

IBC - though the resolution applicant has no voting right in the CoC; and it is the CoC to approve or reject the resolution plan, an opportunity ought to have been...

Validity of decision of IRP/RP holding that the claimant/ Applicant is a Financial Creditor but is not eligible to be a part of CoC - related party in terms of Section...

Conversion of claim - financial claim has been converted to an operational one - the CoC which has been reconstituted upon amending the aforesaid claim, consisting of...

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...

CIRP process - We are not convinced with the argument that amended Sub-Section (4) of Section 30 requires only Secured Financial Creditors to contribute towards interim...

CIR Process - Voting of COC - if any of the ‘Financial Creditor’ remains absent from voting, their voting percentage should not be counted for the purpose of counting...

Approval of Resolution Plan - out of 26 Homebuyers, only 19 Homebuyers voted in the matter and that in terms of Section 25-A(3-A) of the IBC, the Authorized...

Recovery proceedings of tax dues - preferential right - secured creditors - Income Tax Department’s preferential right to recovery of debts over other creditors is...

Deed of pledge of shares - voting right - The express terms of the Deed of Pledge will prevail - In the present case the use of the pledged goods will include exercise...

Seeking consideration of Revised Resolution Plan - CoC having already resolved to vote on all the Resolution Plans including the Resolution Plan submitted by the...

Direction to Resolution Professional (RP) to complete the process of voting on the resolution plan under consideration - There is sufficient reason for the Appellant/PNB...

Financial creditor versus Operational creditor - different treatment - right to be in the Committee of Creditors (COC) - The rationale of giving a particular treatment...

Quick Updates: