This is an appeal concerning the approval of a resolution plan under the Insolvency and Bankruptcy Code, 2016. The core issue revolves around whether the Adjudicating Authority can amend an approved resolution plan if there are no inherent flaws in the plan as approved by the Committee of Creditors. The appeal also questions whether the Adjudicating Authority can consolidate a subsidiary company of the Corporate Debtor for the purpose of approving the resolution plan.
JSW Steel Ltd. filed an appeal against Ashok Kumar Gulla & Ors. The appeal questions whether the Adjudicating Authority can amend an approved resolution plan if there is no infirmity in the plan approved by the Committee of Creditors. It also questions whether the Adjudicating Authority can club together a subsidiary company of the Corporate Debtor for the purpose of approval of the resolution plan. The Committee of Creditors had already approved the resolution plan. The court issued notices to the respondents and allowed the implementation of the resolution plan, subject to the outcome of the appeal.
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This is an appeal concerning the approval of a resolution plan under the Insolvency and Bankruptcy Code, 2016. The core issue revolves around whether the Adjudicating Authority can amend an approved resolution plan if there are no inherent flaws in the plan as approved by the Committee of Creditors. The appeal also questions whether the Adjudicating Authority can consolidate a subsidiary company of the Corporate Debtor for the purpose of approving the resolution plan.
JSW Steel Ltd. filed an appeal against Ashok Kumar Gulla & Ors. The appeal questions whether the Adjudicating Authority can amend an approved resolution plan if there is no infirmity in the plan approved by the Committee of Creditors. It also questions whether the Adjudicating Authority can club together a subsidiary company of the Corporate Debtor for the purpose of approval of the resolution plan. The Committee of Creditors had already approved the resolution plan. The court issued notices to the respondents and allowed the implementation of the resolution plan, subject to the outcome of the appeal.
The court considered the question of whether…
Deadline for filing…