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 […]
NCLAT affirms CoC’s power to liquidate debtor, limits judicial review to ensuring IBC compliance, ET LegalWorld
The National Company Law Appellate Tribunal held that the Committee of Creditors is a business decision taken in the exercise of their commercial wisdom which is not amenable to judicial review on the ground that the Committee of Creditors is statutorily empowered to decide on the liquidation of the Corporate Debtor at any time before […]
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 […]