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IBBI proposes mandatory monitoring committees in CIRP for smoother implementation of resolution plans as per SC’s recommendations. Submit comments by 9th Dec 2024.
Supreme Court held that jurisdiction under Article 142 of the Constitution of India invoked due to non-implementation of approved resolution plan even after five years of the approval. Accordingly, it is directed that the corporate debtor be taken in liquidation.
The owners entered into a Development Agreement with New India City Developers Private Limited ( Developer ) to develop a group housing project and an IT Park on the said land after obtaining the required approvals.
IBBI discusses amendments to improve liquidation process transparency and fund management under the Insolvency and Bankruptcy Code.
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The law was well settled that the Resolution Plan which was approved by the CoC could not be allowed to be withdrawn and any clause which contemplate withdrawal of the plan was unenforceable unless section 30(2) of the IBC was breached.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.
