Supreme Court interprets Regulation 39(1A) of the CIRP Regulations to hold that prior modification/ amendment of resolution plans received does not bar the committee of creditors from taking recourse to a challenge mechanism to enable resolution applicants to improve/ better their plans

On August 25, 2023, the Supreme Court of India (“Supreme Court”) in the case of Vizag Minerals and Logistics Pvt. Ltd. vs. Ravi Shankar Devarakonda & Ors1, while dismissing the civil appeal filed by Vizag Minerals and Logistics Pvt. Ltd.

Filed under:
India, Insolvency & Restructuring, Litigation, JSA, Insolvency and Bankruptcy Code (India), Supreme Court of India
Authors:
Varghese Thomas , Tushar Nagar , Akhil Nene
Location:
India
Firm:
JSA
Committee of creditors can allow submission of resolution plans through the challenge processc

A 2 (two) member bench of the Hon’ble National Company Law Appellate Tribunal, Chennai (“NCLAT”) in the matter of Consortium of Prudent ARC Ltd. vs. Mr. Ravi Shankar Devarakonda & Ors has applied the ratio in the judgment of Vistra ITCL (India) Ltd. Vs. Torrent Investments Private Limited to hold that the committee of creditors of Meenakshi Energy Limited (“CoC”) in its commercial wisdom can allow resolution applicants to submit revised resolution plans through the challenge process.

Filed under:
India, Insolvency & Restructuring, Litigation, JSA, National Company Law Tribunal
Authors:
Varghese Thomas , Tushar Nagar , Akhil Nene
Location:
India
Firm:
JSA