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 […]
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 […]