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 […]
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 […]