Resolution plan under IBC: An albatross around the resolution applicant’s neck
The Insolvency and Bankruptcy Code, 2016 (“the Code”) aims to resolve the woes of stressed businesses (“Corporate Debtors”) by putting them through a corporate insolvency resolution process (“CIRP”) and transferring them as ‘going concerns’ to persons/entities (“Resolution Applicants”) willing to take over their management and assets, and service their debts. The […]
SC upholds IBC but the battle between Financial and Operational Creditors rages on
All was well before the National Company Law Appellate Tribunal, New Delhi [NCLAT] pronounced its decision in Binani Industries[1], wherein it held that “the ‘I&B Code’ or the Regulations framed by the Insolvency and Bankruptcy Board of India do not prescribe differential treatment between the similarly situated ‘Operational Creditors’ or […]