the Insolvency Law Committee in 2020 constituted a sub-committee to study Pre-packaged Insolvency Resolution Process (PPIRP). On the basis of this subcommittee’s recommendations, the Insolvency and Bankruptcy Code was amended on 4/4/2021 through an ordinance to bring effect to this change.
Author: khyatikhemka
Rejection of claims to be notified to financial creditors in appeals as well: SC
Directing the Appellate Tribunal to reconsider the matter, the apex court said that the NCLAT must have notified the bank (Financial Creditor) before closing the CIRP initiated by the NCLT.
SC imposes a penalty of ₹5 Lakhs on the petitioner seeking an alternative to Supertech Twin Towers Demolition
SC Imposes penalty of Rs.5 lakhs and directed the same to be deposited within 4 days to the SC registry. The amount will be transferred to Supreme Court Bar Association (SCBA) to be used for the welfare of families affected by Covid.
Debts incurred during CIRP are also a part of IRP costs, says NCLAT
the Resolution Plan in question is in violation of section 30(2) (a) of the IBC. The NCLAT subsequently modified the Resolution Plan to include this claim in accordance with the law.