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NCLT Delhi held that the proposals for settlement under section 12A of the IBC, 2016 made prior, to approval of the Resolution Plan, is rejected since the same was already considered by CoC and the same was not approved.
The law was well settled that the Resolution Plan which was approved by the CoC could not be allowed to be withdrawn and any clause which contemplate withdrawal of the plan was unenforceable unless section 30(2) of the IBC was breached.
Appellant had submitted that it was a secured financial creditor of the Corporate Debtor. Appellant’s financial debt was secured by charge on certain units and / or charge on total FSI (totaling to about 34,200 sq. ft.) in the project that was being developed by the CD.
NCLAT Delhi held that provisions of section 10A of the Insolvency and Bankruptcy Code, 2016 would not apply as the date of default occurred much prior to 25.03.2020. Accordingly, held that application filed under section 7 duly accepted.
There was no error in the order of the Adjudicating Authority, accepting the outstanding dues as ‘operational debt’, to be paid as per the provisions of the Resolution Plan.
Supreme Court held that the financial decisions as have been taken by Committee of Creditors, especially with regard to viability or otherwise, while evaluating the resolution plan would prevail.
Adjudicating Authority rejected the Application. Adjudicating Authority held that Section 7 Application need to be decided, the commencement of the Arbitration Proceeding before or after filing of Section 7 Application is immaterial.
Insights into recent Supreme Court and High Court judgments on IBC cases, covering corporate guarantees, auction timelines, liquidation, CIRP procedures, and CoC jurisdiction.
IBBI issues order against Insolvency Professional Jitender Arora for failing to include replacement agenda in CIRP meetings.
The CoC resolved not to initiate liquidation process and decided to file an application for dissolution of the CD. In pursuance of the resolution passed by the CoC in its fifth Meeting dated 29.04.2024, an IA was filed by the RP which came to be rejected by the Adjudicating Authority.
