Tag: IBC
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No approval of members for resolution plan under IBC – clarification by MCA
Insolvency and Bankruptcy Code, 2016 (the Code) Consent of members of Corporate Debtor not required for approval of the resolution plan or for its implementation. It is clarified by the Ministry of Corporate Affairs (MCA) on 25th October 2017 (vide General Circular No. IBC/01/2017) that once the resolution plan is approved by the Adjudicating Authority i.e. National Company Law Tribunal (NCLT), no further approval of the resolution plan…
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Transition from High Court to NCLT, compromise, arrangement, winding-up and other matters
The Insolvency and Bankruptcy Code, 2016 (31 of 2016) Key words of Preamble to the Insolvency and Bankruptcy Code, 2016 (IBC):- reorganization and insolvency resolution of- corporate person, partnership firms and individuals – in a time bound manner for maximization of value of assets to promote entrepreneurship availability of credit balance the interest of…
