Supreme Court closes doors for withdrawal or modification of Resolution Plans after acceptance by Committee of Creditors
The Supreme Court of India, on 13.09.2021, delivered a landmark judgment which has settled the issue of whether withdrawal or modification of the Resolution Plan by the Resolution Applicant, after acceptance by the Committee of Creditors (“CoC”) but before approval of the Adjudicating Authority/NCLT, is permissible or not. The bench […]
Withdrawal of Resolution Plan: Supreme Court stays NCLAT Judgment in Kundan Care Products Ltd. v. Amit Gupta
In a recent development which is likely to have widespread ramifications on the issue of withdrawal of Resolution Plans under the Insolvency and Bankruptcy Code, 2016 (IBC), the Supreme Court of India has stayed[1] the operation and effect of the Judgment of the National Company Law Appellate Tribunal, New Delhi […]
Omission of Regulation 26(2): A double-edged sword
This piece takes a look at Regulation 26(2) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 hereinafter referred to as ‘the Regulations’. Pre-amendment, sub-regulation 2 of Regulation 26 read as follows:- “(2) Once a vote on a resolution is cast by a […]
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 […]