The case involves two applications, I.A No.135/2018 filed by Alok Employees Benefit and Welfare Trust & Ors. under Section-60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the Resolution Professional to submit and have approved a resolution plan (RIL-JM Plan) for the revival of Alok Industries Limited. Alternatively, they sought a direction for the CoC to approve the plan. They also requested exclusion of the time taken in hearing the application from the CIRP period and a stay on liquidation. The second application, I.A No.136 of 2018, was filed by the Resolution Professional under Section-33 (2) read with section-60(5) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor, Alok Industries Limited, as the
…Alok Employees Benefit and Welfare Trust & Ors. filed I.A No.135/2018 seeking approval of a resolution plan (RIL-JM Plan) for Alok Industries Limited. The resolution plan was supported by over 70% of the Committee of Creditors (CoC) but less than the then-required 75%. The Resolution Professional filed I.A No.136/2018 seeking liquidation of Alok Industries Limited. During the pendency of these applications, the Insolvency and Bankruptcy Code, 2016, was amended, reducing the voting requirement for resolution plan approval to 66%. The State Bank of India (SBI), a member of the CoC, stated it had no objection to the resolution plan without re-voting. The key fact is the change in the voting threshold during the pendency of the applications, which directly impacts the
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The original expiry date for the corporate…
The Ministry of Law and Justice promulgated…
The case involves two applications, I.A No.135/2018 filed by Alok Employees Benefit and Welfare Trust & Ors. under Section-60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the Resolution Professional to submit and have approved a resolution plan (RIL-JM Plan) for the revival of Alok Industries Limited. Alternatively, they sought a direction for the CoC to approve the plan. They also requested exclusion of the time taken in hearing the application from the CIRP period and a stay on liquidation. The second application, I.A No.136 of 2018, was filed by the Resolution Professional under Section-33 (2) read with section-60(5) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor, Alok Industries Limited, as the
…Alok Employees Benefit and Welfare Trust & Ors. filed I.A No.135/2018 seeking approval of a resolution plan (RIL-JM Plan) for Alok Industries Limited. The resolution plan was supported by over 70% of the Committee of Creditors (CoC) but less than the then-required 75%. The Resolution Professional filed I.A No.136/2018 seeking liquidation of Alok Industries Limited. During the pendency of these applications, the Insolvency and Bankruptcy Code, 2016, was amended, reducing the voting requirement for resolution plan approval to 66%. The State Bank of India (SBI), a member of the CoC, stated it had no objection to the resolution plan without re-voting. The key fact is the change in the voting threshold during the pendency of the applications, which directly impacts the
…The original expiry date for the corporate…
The Ministry of Law and Justice promulgated…