When 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 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 MoreUNION CABINET APPROVED AMENDMENTS UNDER IBC
UNION CABINET APPROVED AMENDMENTS UNDER IBC The Union Cabinet approved various amendments under the Insolvency Bankruptcy Code, 2016 (“IBC”) the salient feature of which are briefly provided through press release of the Ministry of Corporate Affairs dated July 17, 2019. It was stated in the press release that the amendments aim to fill critical gaps
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