14/11/2019

Even if one Financial Creditor in CoC, first pay IRP/IP fee & subsequent recover from CD- Muthoot Finance Ltd. Vs. Southern Investments Pvt. Ltd. & Ors.-NCLAT

NCLAT dismissed the contention of the Appellant and held that when it is shown in the present matter that CoC has fixed fees and other members of CoC have contributed towards fees of the Resolution Professional in proportion of their voting shares, the Appellant cannot be heard saying that it will not contribute especially when the same is recoverable. In the facts of the matter, we do not find any error with the impugned order directing the Appellant to first pay and then make recovery from the Corporate Debtor. In the circumstances, we do not interfere with the impugned order. 

Even if one Financial Creditor in CoC, first pay IRP/IP fee & subsequent recover from CD- Muthoot Finance Ltd. Vs. Southern Investments Pvt. Ltd. & Ors.-NCLAT Read Post »

Resolution Professional has duty to preserve & protect the assets of Corporate Debtor including the continued business operations and for the purpose, interim finance can be raised subject to approval of CoC- Sajeve Bhushan Deora Vs. Axis Bank Ltd. & Ors.-NCLAT

The Adjudicating Authority took a conscious decision not to dissipate the assets of the Company. As per Section 25 of Insolvency and Bankruptcy Code, 2016, Resolution Professional has duty to preserve and protect the assets of Corporate Debtor including the continued business operations and for the purpose, interim finance can be raised subject to approval of COC. Adjudicating Authority directed that CIR costs should be met by COC. There is nothing wrong in this.

Resolution Professional has duty to preserve & protect the assets of Corporate Debtor including the continued business operations and for the purpose, interim finance can be raised subject to approval of CoC- Sajeve Bhushan Deora Vs. Axis Bank Ltd. & Ors.-NCLAT Read Post »

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