Share Tweet Plus One Pin It Email Print By: akanksha jain December 29, 2018 11:18 am Change Font Size Tribunal says Code is paramount, not the Regulations Observing that when there is a conflict between the Regulations and the Insolvency Code, the object of the Code is paramount and not the Regulations which are formed only for the just implementation of the Code, the Mumbai bench of National Company Law Tribunal has held that the Committee of Creditors of a corporate debtor was wrong in refusing to open the envelope of the Resolution Plan sent by an applicant and return it merely because it was sent at the 12th hour. “We are of the considered view that the spirit of the Code is first and then comes the other things. The rejection of the Resolution Plan by the CoC even without opening the envelope containing the Resolution Plan on the ground that the same is submitted after the expiry of the stipulated time fixed by the CoC, is certainly against the … [Read more...] about NCLT, Mumbai Says CoC Not Right In Rejecting Resolution Plan Only Coz It Was Sent After Cut-Off Date [Read Order]
Coc
Breaking : Resolution Plans Should Be Given To Former Directors Of Corporate Debtor To Attend CoC Meetings: SC [ Read Judgment]
By: Manu Sebastian 2019-01-31T19:17:36+05:30 Members of the erstwhile Board of Directors,being vitally interested in resolution plans that may be discussed at CoC meetings, must be given a copy of such plans as part of "documents" that have to be furnished along with the notice of such meetings. The Supreme Court today declared the right of members of the suspended Board of Directors of a corporate debtor to receive insolvency resolution plans submitted before the Resolution Professional, in order to effectively participate in the meetings of Committee of Creditors(CoC). The bench of Justices R F Nariman and Vineet Saran was dealing with the the case Vijay Kumar Jain vs Standard Chartered Bank and others, an appeal filed against orders rejecting the prayer of an erstwhile director for getting copy of the resolution plans from the RP. Both the NCLT and NCLAT ruled that appellant had no right to receive the resolution plans. The appellant submitted in SC that as per Section 24(3) … [Read more...] about Breaking : Resolution Plans Should Be Given To Former Directors Of Corporate Debtor To Attend CoC Meetings: SC [ Read Judgment]
Suspended Director Of Corporate Debtor Not Entitled To Confidential Info In Possession Of CoC Or RP: NCLT [Read Order]
Share Tweet Plus One Pin It Email Print By: Akanksha Jain August 7, 2018 6:35 pm Change Font Size It says if the information is confidential, the CoC could keep it to itself to maximise the valuation of assets. Is a suspended director of a corporate debtor entitled to confidential information in possession of the Resolution Professional (RP) and the Committee of Creditors (CoC)? The Mumbai bench of National Company Law Tribunal (NCLT) has answered the question in negative while concluding that if the information is confidential, the CoC could keep it to itself to maximise the valuation of assets. A bench of BSV Prakash Kumar and Ravikumar Duraisamy said so while deciding the application of a suspended director of a corporate debtor who sought documents and information placed before the CoC while the CoC and the RP were apprehensive that doing so will be detrimental to the interest of the creditors in maximization of the value of the assets of the … [Read more...] about Suspended Director Of Corporate Debtor Not Entitled To Confidential Info In Possession Of CoC Or RP: NCLT [Read Order]
Partner countries back ASEAN central role in regional structure
Representatives of ASEAN member states and a partner country pose for a group photo at the 51st ASEAN Foreign Ministers’ Meeting (AMM 51) (Photo: AFP/VNA) At an US – ASEAN ministerial meeting on August 3, US Secretary of State Mike Pompeo said his country will maintain its role in a commitment to peace and prosperity in the Indo-Pacific with ASEAN at its centre. The message came along with a US funding of US$113 million in support of technology, energy and infrastructure in the Asia-Pacific, which was announced just a few days before the opening of the AMM 51. Meanwhile, India stated ASEAN is among priorities of its diplomacy for external relations, affirming its commitment to strengthening collaboration with the bloc, as well as to helping the grouping build its community and boost regional connectivity. India and ASEAN plan to foster cooperation across three pillars of the ASEAN Community, focusing on marine collaboration and trade-investment facilitation in order … [Read more...] about Partner countries back ASEAN central role in regional structure
Insolvency Proceedings Can Be Closed Based On Settlement Prior To CoC Formation : NCLAT [Read Judgment]
By: akanksha jain 14 Feb 2019 11:02 AM GMT The National Company Law Appellate Tribunal has asked the Kolkata Bench of National Company Law Tribunal to close an insolvency proceeding by accepting the settlement arrived at between the Corporate Debtor and the Operational Creditor before the Constitution of the Committee of Creditors. The Appellate Tribunal also found that there was a "pre-existing dispute" between the parties, and hence the application under Section 9 of the Insolvency and Bankruptcy Code was not admissible in the first place. The appellate tribunal was hearing an appeal moved by Ashish Garodia, the Director and Shareholder of 'M/s. Garodia Automobiles Pvt. Ltd'. (Corporate Debtor) against the order dated January 14, 2019 passed by the Kolkata Bench of NCLT admitting the application under Section 9 IBC. The appellant also pointed out thatThe parties had signed a settlement deed on January 31. However, by then, the Interim Resolution professional appointed by … [Read more...] about Insolvency Proceedings Can Be Closed Based On Settlement Prior To CoC Formation : NCLAT [Read Judgment]
