Important judgment on Stakeholders Consultation Committee(SCC) and Compromise or Arrangement under IBC – Ramesh Kumar Chaudhary Vs. Anju Agarwal Liquidator of M/s. Shree Bhawani Paper Mills Ltd.- NCLAT New Delhi
Important judgment of NCLAT on (a) Role of Stakeholders Consultation Committee(SCC) for obtaining any advice with regard to Scheme for Compromise or Arrangement under Section 230, (b) Applicability of Section 230(6), in case of no meeting was convened under Section 230(1), (c) Computation of 66% voting on the members of the SCC present, (d) Consent of the secured creditors, not less than 75% under Section 230(2)(c) and (e) Process to be followed by the Liquidator for obtaining approval for Compromise or Arrangement.