To Verify or Not? The Saga of Belated Claims During the CIRP
By Aditya Vikram Singh† and Vedant Singh††
By Aditya Vikram Singh† and Vedant Singh††
“The need for a code of conduct assumes greater importance in light of the fact that once a decision is taken by the CoC, the aggrieved party is deprived of the legal remedies, except to a limited extent.”
The NCLAT held that the commercial wisdom of the CoC was considered paramount, and no interference was justified.
Section 12A was introduced in the Insolvency and Bankruptcy Code, 2016, allowing the withdrawal of CIRP with the approval of 90% voting share of the CoC.
“If a Resolution Professional proceeds in terms of Section 25 of the IBC and secures the assets from the creditors, the creditors would not be entitled to claim set-off during the course of the Corporate Insolvency Resolution Process.”
by Zorawar Singh† and Hitesh Mankar††
by Vasanth Rajasekaran† and Harshvardhan Korada††
Cite as: 2024 SCC OnLine Blog Exp 1
The NCLAT rejected Resolution Professional’s reliance on Section 17 of the Limitation Act, 1963, as no fraud was found on the part of the Corporate Debtor.
The Liquidator should endeavor to sell the Corporate Debtor as a going concern in the Liquidation Proceeding, and the appellant may participate by submitting its plan.
NCLAT observed that the issue raised by the appellant, while attractive, no longer had relevance after the closure of the CIRP proceedings.
Madras High Court said that if the Arbitrators are not paid their fees / costs on account of the moratorium order, the object of arbitration will get defeated, as competent Arbitrators will hesitate to become Arbitrators in a dispute involving Companies facing financial crisis.
The NCLAT held that the appellant has no Locus Standi to make claim for any unpaid Fees/Costs from the members of the CoCs, as he is neither the RP in the project nor is connected with another project.
NCLAT held that CIRP be closed with respect to the Corporate Debtor since not a single ‘Claim' was received by the IRP even after the public announcement.
DSK advised and assisted Mr. Manoj Kumar Agarwal, Resolution Professional of DS Kulkarni Developers Limited (“DSKDL”) with respect to the corporate insolvency
by Ankit Parhar† and Rashi Srivastava††
Cite as: 2023 SCC OnLine Blog Exp 55
The NCLAT set aside Adjudicating Authority’s order initiating CIRP of the Corporate Debtor.
“When consent term itself contains clause for revival, non-giving liberty specifically for revival by the Adjudicating Authority is inconsequential”, held NCLAT
by Vikas Mehta†
A creditor has limited grounds to object to S. 10 of IBC application.
NCLT imposed cost to restain Trimex Industries (P) Ltd. from filing frivolous applications which consume Tribunal’s valuable resources and time.