The applicant through its counsel Advocate Kunal Kanungo from Cogito Legal said the CoC be directed to consider the resolution plan submitted by it as the same would maximize the asset value of the corporate debtor while also submitting that by refusing to accept the plan submitted by it, the CoC has effectively monopolised the Corporate Insolvency Resolution Process (CIRP) in favour of Asset Reconstruction Company India Limited (ARCIL), another resolution applicant. … [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]
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). … [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]
It also held that the applicant has not raised any grievance that he would be suffering any loss by not being allowed in the meeting and his only grievance was about violation of procedure laid under the code and added that, “…it is now not a happy situation to any creditor who gets less than what he has given. Now it appears that this applicant does not want to allow the creditors at least to timely realise whatever that has remained in the company”. … [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
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 to lift bilateral trade to US$200 billion in 2025. Australian Minister for Foreign Affairs Julie Bishop said ASEAN holds a leading role in Southeast Asia and a … [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]
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. … [Read more...] about Insolvency Proceedings Can Be Closed Based On Settlement Prior To CoC Formation : NCLAT [Read Judgment]
