What is the process for initiation of Corporate Insolvency
Resolution Process by financial creditors?
What is the quorum at Committee of Creditors constituted as per IBC 2016?
Under IBC there is a provision that the financial creditors who have voted against the resolution plan shall be paid in priority of the financial creditors who have voted in favor of the resolution ?
Is this statement is valid ? If yes, what is the purpose served behind this provision ?
Within how much time, the minutes of the meeting shall be circulated to the members of Committee of Creditors by the Resolution Professional ?
Whether there can be a case where committee of creditors just comprise of operational creditors only while company is in Corporate Insolvency Resolution Process ?
What is the minimum limit of unspecified creditors required to enable Resolution Professional to appoint an authorized representative to attend and vote in the meeting of Committee of Creditors on the behalf of such creditors under IBC Code, 2016 ?
Whether is it mandatory to get 100% consent from creditors for reduction of capital ? Whether NCLT can relax it?
Has anyone practically worked on fast track merger in Kolkata and Mumbai region?
Thanks in advance.
Why have they considered Financial Creditors in the Committee of Creditors under IBC, 2016?
Why not Operational Creditors?
In case of fast track mergers u/s 233 of companies act, 2013 can the meeting of creditors be dispensed off by obtaining approval of the scheme by way of an affidavit by 90% of the value of creditors??
My doubt is Section 230(9) speaks about the dispense of creditors meeting. But section 233 of companies act, 2013 starts with Non obstance clause which is "Notwithstanding the provisions of section 230 and section 232". So can we take reference of section 230(9) for dispensing of creditors meeting in case of fast track mergers u/s 233 of Companies Act, 2013.
Querry related to Rights of Secured Creditors in case borrower have been gone in liqudation.
A bank ltd have grant secured loan to ABC Pvt ltd for 10 cr. During the year bank has demanded additional collateral property to continue the said facilty. ABC Pvt Ltd have arranged to give Collateral of Group Company i.e. XYZ ltd amounting to 2cr along with Corporate Gurantee of 10cr.
Now, XYZ ltd have gone into liqudation. A Bank has received notice by ROC in terms of Secured Creditors.
Can Bank have both the rights to sell the property under SARFASI and also invoke Corporate Gurantee??
Good Morning All!
Please tell me what is the time period within which the First meeting of the Committee of Creditors is conducted under the IBC, 2016?
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