13/12/2018

As per Section 30(5) of the IBC, the Resolution Applicant is entitled to attend the meeting of the CoC in which the Resolution Plan of the applicant is to be considered – Ms. Nitrex Chemicals India Limited Vs. Mr. Ravindra Beleyur and Ors. – NCLT Chennai Bench

NCLT held that it is clear that though the resolution applicant has no voting right in the CoC; and it is the CoC to approve or reject the resolution plan, an opportunity ought to have been provided to the resolution applicant to attend the meeting of the CoC in which the Resolution Plan is to be considered, to make his representation and to express his view point on the Resolution Plan submitted to the CoC. Therefore, the application of the Resolution Applicant is allowed and the CoC is directed to consider the plan afresh submitted by the Applicant by providing it reasonable opportunity of being heard within two weeks from the date of passing this order and RP is directed to file status report within two working days thereafter. Accordingly the application stands disposed of. The order is pronounced in the open court in the presence of both the parties/counsels.

As per Section 30(5) of the IBC, the Resolution Applicant is entitled to attend the meeting of the CoC in which the Resolution Plan of the applicant is to be considered – Ms. Nitrex Chemicals India Limited Vs. Mr. Ravindra Beleyur and Ors. – NCLT Chennai Bench Read Post »

On Liquidation order, as the CoC ceased to exist & become functus officio even if NCLAT set aside the Liquidation order & remove RP, the order of liquidation cannot be declare illegal as more than 270 days having passed – ICICI Bank Ltd. Vs. Mr. Venakataramanarao Nagarajan, Resolution Professional – NCLAT New Delhi

Login with GoogleOR Username Password Remember Me     Forgot Password In case you’ve already logged in, click here

On Liquidation order, as the CoC ceased to exist & become functus officio even if NCLAT set aside the Liquidation order & remove RP, the order of liquidation cannot be declare illegal as more than 270 days having passed – ICICI Bank Ltd. Vs. Mr. Venakataramanarao Nagarajan, Resolution Professional – NCLAT New Delhi Read Post »

Scroll to Top