MCA Notification on minimum default of INR 1 Crore applies prospectively, clarifies NCLAT
The Hon’ble NCLAT clarified that the notification of MCA increasing the minimum amount of default to INR 1 Crore shall be applicable prospectively.
Read MoreWhen there’s no wisdom, how come “Commercial Wisdom”?
An interesting case where the Adjudicating Authority made critical comments on the so-called Commercial Wisdom of the Committee of Creditors. It emphasised that the CoC has not at all applied its mind and that there was no element of wisdom displayed, leave alone the ‘commercial wisdom’…
Read MoreS. 59 of IBC and Voluntary Liquidation under Companies Act
The Hon’ble NCLAT has held that the jurisdiction exercised by the Adjudicating Authority is vested in it and cannot be termed improper. Despite being of the view that the claim initially left out by the Respondent No.1 was payable, the Liquidator proceeded to reject the same without any justifiable reason which cannot be supported.
Read MoreTIMELINES IN RESOLUTION PLAN RELAXED BY NCLT ON ACCOUNT OF COVID-19
The Adjudicating Authority found that there is no material change in the Resolution plan save and except modification/concession/relaxation in respect of time line of payment to the creditors and/ or stake holders and the relief sought appears to be genuine and bonafide. Therefore, the Resolution plan has been approved by the adjudicating authority with a modified time frame/timeline.
Read MoreEX-EMPLOYEE OF FINANCIAL CREDITOR CANNOT ACT AS IRP/RP
The NCLAT upheld the order passed by the Adjudicating Authority holding that apprehension of biasness raised by the Corporate Debtor cannot be dismissed offhand and that NCLT is justified in changing the IRP.
Read MoreSC: NOT INCLINED TO INTERFERE WITH THE DECISION OF CoC OF DHFL TO COMMENCE LENDING OPERATIONS
The Supreme Court rejected the plea of depositors of DHFL and opined that it is not inclined to interfere with the decision of CoC. This article is an attempt to explore FRDI Bill assuming DHFL is being resolved under FRDI.
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