Companies Act, 2013, Section 408, 410, Insolvency and Bankruptcy Code, 2016, Section 60 -- Wherever the corporate debtor has to exercise a right that falls outside the purview of IBC, 2016 especially in the realm of the public law, they cannot, through resolution professional, take a bypass and go before NCLT for the enforcement of such a right...........
Insolvency and Bankruptcy Code, 2016, Section 21(1), 21(2) -- Committee of Creditors (CoC) - First meeting of CoC, which shall be held within 7 days of its constitution, Committee, by majority vote of not less than 66% of voting share of financial creditors, must immediately resolve to appoint Interim Resolution Professional (IRP) as Resolution Professional (RP), or to..........
Insolvency and Bankruptcy Code, 2016, Section 30 -- Resolution plan - Resolution applicant must submit resolution plan to RP, prepared on basis of information memorandum - RP must present to CoC, for its approval, such resolution plans which conform to conditions referred to in Ss.30(2) and 30(3) of Code - If resolution plan is approved by requisite majority of CoC, it is..........
Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 -- Regulation 36A(10) to 36A(12) - RP shall issue provisional list of eligible prospective resolution applicants to CoC, and after considering any objection to their inclusion or exclusion, shall then issue final list of prospective resolution applicants to CoC...........
Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 -- Regulation 36B - Resolution professional shall issue information memorandum, evaluation matrix and a request for resolution plan within time stated - Importantly, RP shall endeavour to submit resolution plan approved by CoC to Adjudicating Authority, at least..........
Insolvency and Bankruptcy Code, 2016, Section 24, 30 -- Meetings of CoC - Resolution plain - Voting on approval of resolution plan is only with financial creditors who form CoC, yet RP is to conduct aforesaid meeting at which members of suspended board of directors may be present, together with one representative of operational creditors, provided that aggregate dues owed..........
Insolvency and Bankruptcy Code, 2016, Section 30(4) -- Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, Regulation 39 - Approval of resolution plan - It is commercial wisdom of CoC which operates to approve what is deemed by majority of such creditors to be best resolution plan, which is finally accepted..........
Insolvency and Bankruptcy Code, 2016, Section 7, 9, 10, 30, 31 -- It is Adjudicating Authority which first admits an application by financial or operational creditor, or by corporate debtor itself under Code - Adjudicating Authority then appoints an interim resolution professional who takes administrative decisions as to day to day running of corporate debtor; collation of..........
Insolvency and Bankruptcy Code, 2016, Section 30, 31, 61 -- Judicial Review - Resolution plan approved by CoC - Limited judicial review available, which can in no circumstance trespass upon a business decision of majority of CoC...........
Insolvency and Bankruptcy Code, 2016, Section 30(5), 30(2), 31(1), 60(5) -- Judicial Review - Residual jurisdiction of NCLT u/S.60(5)(c) cannot, in any manner, whittle down S.31(1) of Code, by investment of some discretionary or equity jurisdiction in Adjudicating Authority outside S.30(2) of Code, when it comes to resolution plan being adjudicated upon by Adjudicating..........
