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.

The Supreme Court (“SC”) in the case of M. K. Rajagopalan v. Dr. Periasamy Palani Gounder & Anr., has held that, while commercial wisdom of the Committee of Creditors (“CoC”) must be respected, certain factors having a material bearing on the process of approval of the resolution plan should also be borne in mind.

In its decision in Shailesh Verma, Resolution Professional of Lavasa Corporation Limited vs. Maharashtra State Electricity Distribution Company Limited, a 3 (three)member bench of the Hon’ble National Company Law Appellate Tribunal (“NCLAT”) has held that continuation of electricity supply to a corporate debtor during the subsistence of the corporate insolvency resolution process (“CIRP”) is subject to payment for such supply.

Brief Facts

On August 3, 2022, a division bench of the Hon’ble Bombay High Court (“High Court”) comprising of Justice K.R. Shriram, and Justice A.S. Doctor in the case of Phoenix ARC Pvt. Ltd. & Anr. v.

On August 11, 2022, a two-judge bench of the Hon’ble Supreme Court in the case of Bank of Baroda vs Parasaadilal Tursiram Sheetgrah Pvt. Ltd. has observed that the time limit of 45 (forty-five) days prescribed under Section 17 of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (“Act”) is provided for quick enforcement of the security.

Brief Facts & Procedural History