Fast Track CIRP

For initiation of CIRP by reference under sub-section (b) of Sec. 4 of SIC Repeal Act, 2003 and Fast Tract CIRP, prohibition u/s 11 is not applicable – Pratima P. Shah (Ex-Director Amar Remedies Limited) Vs. IDBI Bank Limited – NCLAT

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For initiation of CIRP by reference under sub-section (b) of Sec. 4 of SIC Repeal Act, 2003 and Fast Tract CIRP, prohibition u/s 11 is not applicable – Pratima P. Shah (Ex-Director Amar Remedies Limited) Vs. IDBI Bank Limited – NCLAT Read Post »

Adjudicating Authority has no jurisdiction to convert CIRP under Sections 7, 9 or 10 of the IBC as Fast Track CIRP proceeding under Section 55 of Code – Sanjay Kumar Ruia Vs. Catholic Syrian Bank Ltd. & Anr. – NCLAT New Delhi

The questions arise for consideration in this appeal are:

i. Whether in a CIRP triggered under Sections 7 or 9 or 10 of the Code, the Adjudicating Authority has power to convert the CIRP as a Fast Track CIRP under Section 55 of the Code?

ii. Whether ‘Committee of Creditors(CoC)’ had jurisdiction to replace the Resolution Professional after completion of 270 days? and;

iii. Whether Adjudicating Authority is empowered to decide the Resolution Cost, including the Resolution Fee payable to the Resolution Professional?

Adjudicating Authority has no jurisdiction to convert CIRP under Sections 7, 9 or 10 of the IBC as Fast Track CIRP proceeding under Section 55 of Code – Sanjay Kumar Ruia Vs. Catholic Syrian Bank Ltd. & Anr. – NCLAT New Delhi Read Post »

Section 65 of Code which relates to penal provision not only covers initiation of CIRP under Section 7 or 9 or 10 but will also cover Fast Track CIRP, if initiated under Section 55 to 58 of the Code – SREI Infrastructure Finance Ltd. Vs. Right Tower Pvt. Ltd. & Anr. – NCLAT New Delhi

NCLAT held that the CIRP can be initiated under Section 7 or Section 9 or Section 10 of Code. Section 55 to 58 of Code also relates to initiation of CIRP known as Fast Track CIRP. Section 65 of Code which relates to penal provision not only covers initiation of CIRP under Section 7 or 9 or 10 but will also cover Fast Track CIRP, if initiated under Section 55 to 58 of the Code. Such being the position, any person (he may either a shareholder or a creditor or a debtor or a financial creditor or a corporate debtor) may intervene and may bring the facts to the notice of the Adjudicating Authority. So far as the Respondent (Intervener) is concerned, we leave the question open for Adjudicating Authority to decide the issues as raised and alleged by the 2nd Respondent (Intervener) keeping in mind the question of maintainability of the application as raised by the Appellant.

Section 65 of Code which relates to penal provision not only covers initiation of CIRP under Section 7 or 9 or 10 but will also cover Fast Track CIRP, if initiated under Section 55 to 58 of the Code – SREI Infrastructure Finance Ltd. Vs. Right Tower Pvt. Ltd. & Anr. – NCLAT New Delhi Read Post »

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