NCLT questions Byju’s RP over CoC reconstitution and governance issues amid insolvency, ET LegalWorld
The Bengaluru bench of the National Company Law Tribunal (NCLT) on Wednesday questioned Byju’s insolvency resolution professional (RP) Pankaj Srivastava on his involvement in both the reconstitution of its committee of creditors (CoC) and the board meeting of Byju’s subsidiary Aakash Institute. “One IA (interlocutory application) was filed to inform us about the initial constitution […]
Can CoC liquidate before considering Resolution Plans? NCLAT rules, ET LegalWorld
The National Company Law Appellate Tribunal has held that the legislative fiat of Section 33(2) of the Insolvency and Bankruptcy Code, 2016, read with the explanation clause, empowers the Committee of Creditors to decide to initiate liquidation even before inviting resolution plans i.e., the power given to the CoC to take decisions for liquidation is […]
US firm alleges in SC its removal from CoC by IRP dealing with Byju’s insolvency case, ET LegalWorld
US-based creditor Glas Trust Company LLC on Tuesday told the Supreme Court that it has wrongly been removed from the committee of creditors (CoC) by the interim resolution professional (IRP) dealing with the insolvency proceedings against ed-tech firm Byju’s. The submissions were made by senior advocate Kapil Sibal, appearing for the US firm, before a […]
RCap Insolvency:NCLAT notice to IIHL on CoC plea for interest for extended time & forfeiture, ET LegalWorld
The NCLAT on Friday issued a notice to IndusInd International Holdings Ltd (IIHL) over a plea filed by lenders of Reliance Capital (RCap) seeking interest on payment for the extended period for the upfront payment by the Hinduja group firm and forfeiture of Rs 2,750 crore in case of default. A three-member bench led by […]
NCLT seeks Go First response on CoC decision to liquidate company, ET LegalWorld
The National Company Law Tribunal (NCLT) on Tuesday issued a notice to the suspended management of grounded budget carrier Go First, seeking its response to the Committee of Creditors’ (CoC) decision to liquidate the airline. The counsel for the resolution professional (RP) informed the tribunal that the CoC had passed a resolution to liquidate Go […]