New Delhi: In an important assessment in the field of bankruptcy and bankruptcy, the Supreme Court on Monday decided that ‘resolution plans’ for stress assets could not be emphasized after being approved by the Creditors’ Committee (COC) and submitted to the prosecutor’s authority under the bankruptcy.
and bankruptcy code (IBC).
This, SC further said, bars even successful resolution applicants from seeking modifications or drawing plans.
The bench consisting of Judges Dy Chandrachud and Shah refused to heed the request for resolution solutions who succeeded in seeking re-consideration or withdrawal of resolution plans, which have been submitted by the COC, given the hiatus in effecting this plan due to the delay in the approval of legal authority.
Recording severe pandemic impacts in the corporate sector, he said, “This court realizes that the extraordinary state of the Covid pandemic will have a significant impact on the company’s debtor business and after the successful settlement applicants may not be approved by the authority that teaches in time, for the main reason .
but the legislative intentions of the legislation can not be overridden by the court to make the results could have economic implications seriously that would impact on the feasibility of IBC.
“Summing up the legal analysis and event complex but fluid Beaalah of the applicant’s successful completion, so the plan has been submitted to the authority who tried.
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The Credit Resolution Plan Committee cannot be canceled: SC
