The case involves an appeal before the National Company Law Appellate Tribunal (NCLAT) concerning a resolution plan under the Insolvency and Bankruptcy Code. During the pendency of the appeal, the Committee of Creditors (CoC) is permitted to consider resolution plans submitted by applicants, subject to the appeal's outcome. The CoC must record reasons for rejecting any plan and consider suggestions from the Board of Directors or Operational Creditors. The CoC should also assess whether the Resolution Applicant(s) have made provisions for other creditors, including secured, unsecured, employees, and government dues. The CoC may approve a plan with prior permission from the NCLAT but must not present it to the Adjudicating Authority and keep it sealed.
Tata Steel Ltd. is the Appellant in this case. Liberty House Group Pte. Ltd. & Ors. are the Respondents. The case is an appeal before the National Company Law Appellate Tribunal (NCLAT) concerning a resolution plan under the Insolvency and Bankruptcy Code. The Committee of Creditors (CoC) is allowed to consider resolution plans submitted by applicants during the appeal's pendency, subject to the appeal's outcome. The CoC must record reasons for rejecting any plan and consider suggestions from the Board of Directors or Operational Creditors. The CoC should also assess whether the Resolution Applicant(s) have made provisions for other creditors, including secured, unsecured, employees, and government dues. The CoC may approve a plan with prior permission from the
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The case involves an appeal before the National Company Law Appellate Tribunal (NCLAT) concerning a resolution plan under the Insolvency and Bankruptcy Code. During the pendency of the appeal, the Committee of Creditors (CoC) is permitted to consider resolution plans submitted by applicants, subject to the appeal's outcome. The CoC must record reasons for rejecting any plan and consider suggestions from the Board of Directors or Operational Creditors. The CoC should also assess whether the Resolution Applicant(s) have made provisions for other creditors, including secured, unsecured, employees, and government dues. The CoC may approve a plan with prior permission from the NCLAT but must not present it to the Adjudicating Authority and keep it sealed.
Tata Steel Ltd. is the Appellant in this case. Liberty House Group Pte. Ltd. & Ors. are the Respondents. The case is an appeal before the National Company Law Appellate Tribunal (NCLAT) concerning a resolution plan under the Insolvency and Bankruptcy Code. The Committee of Creditors (CoC) is allowed to consider resolution plans submitted by applicants during the appeal's pendency, subject to the appeal's outcome. The CoC must record reasons for rejecting any plan and consider suggestions from the Board of Directors or Operational Creditors. The CoC should also assess whether the Resolution Applicant(s) have made provisions for other creditors, including secured, unsecured, employees, and government dues. The CoC may approve a plan with prior permission from the
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