The withdrawal of an application for CIRP by the applicant would not prevent any other financial creditor from taking recourse to a proceeding under IBC.
Tag: Committee of Creditors
NCLT Delhi Imposes Cost of Rs.1 Lakh on Suspended Director
The court fined the suspended director of the corporate debtor (the applicant) Rs. 1 lakh for starting several legal actions to obtain the same remedy and wasting valuable judicial time.
Change in the Constitution of CoC will not affect its prior decision
A change in the composition of the Committee of Creditors (CoC) of the Corporate Debtor will affect its previous decision and the same will be binding on the newly included members of CoC.
AA has limited power of judicial review if resolution plan is approved by CoC: SC
Supreme Court’s decision in Maharashtra Seamless Limited shows that the commercial wisdom of the CoC will be given top priority when deciding on the feasibility and viability of the resolution plan.
Supreme Court: Personal Guarantor Liable for Loans under IBC
The Supreme Court of India has cleared the way for lenders to file insolvency proceedings against personal guarantors of stressed companies, who are typically promoters.
How to file claim as financial Creditor before IRP/RP
A financial creditor(s) may file an application for initiating CIRP u/s 7 of IBC against a corporate debtor when a default has occurred.
NCLT: Voting Threshold in IBC is directive in nature
The NCLT ordered appointment of IRP even though only 50% voting was in favor of the appointment however the requirement is 66% as per the IBC laws.
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