This is a Company Appeal (AT) (Insolvency) case before the National Company Law Appellate Tribunal (NCLAT), New Delhi. The appeal concerns issues related to the appointment and responsibilities of Resolution Professionals under the Insolvency and Bankruptcy Code, 2016. Specifically, it questions whether a Resolution Professional can be replaced by a majority vote of less than seventy-five percent of the voting share of the Financial Creditors without confirmation from the IBBI. It also questions whether a Resolution Professional can simultaneously perform duties in multiple Corporate Insolvency Resolution Processes and if such appointments should be limited based on the location of the Corporate Debtor's registered office.
ICICI Bank Limited is the appellant in this case. Oceanic Tropical Fruits Private Limited & Ors. are the respondents. The case involves a Company Appeal (AT) (Insolvency) before the NCLAT. The core issues revolve around the appointment and responsibilities of Resolution Professionals. A key fact is the question of whether a Resolution Professional can be replaced by a vote of less than 75% of the financial creditors without IBBI confirmation, referencing Section 22 of the Insolvency and Bankruptcy Code, 2016. Another key fact is whether a Resolution Professional can simultaneously handle multiple Corporate Insolvency Resolution Processes and if there should be limitations based on the location of the Corporate Debtor's registered office. The court issued notices to
…Sign in to view the parties.
The question ar…
Deadline for the…
This is a Company Appeal (AT) (Insolvency) case before the National Company Law Appellate Tribunal (NCLAT), New Delhi. The appeal concerns issues related to the appointment and responsibilities of Resolution Professionals under the Insolvency and Bankruptcy Code, 2016. Specifically, it questions whether a Resolution Professional can be replaced by a majority vote of less than seventy-five percent of the voting share of the Financial Creditors without confirmation from the IBBI. It also questions whether a Resolution Professional can simultaneously perform duties in multiple Corporate Insolvency Resolution Processes and if such appointments should be limited based on the location of the Corporate Debtor's registered office.
ICICI Bank Limited is the appellant in this case. Oceanic Tropical Fruits Private Limited & Ors. are the respondents. The case involves a Company Appeal (AT) (Insolvency) before the NCLAT. The core issues revolve around the appointment and responsibilities of Resolution Professionals. A key fact is the question of whether a Resolution Professional can be replaced by a vote of less than 75% of the financial creditors without IBBI confirmation, referencing Section 22 of the Insolvency and Bankruptcy Code, 2016. Another key fact is whether a Resolution Professional can simultaneously handle multiple Corporate Insolvency Resolution Processes and if there should be limitations based on the location of the Corporate Debtor's registered office. The court issued notices to
…The question ar…
Deadline for the…