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ARTICLE · 21 MARCH 2020

Can Adjudicating Authority Go Into The Merits Of A Resolution Plan

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Insolvency and Bankruptcy Code, 2016 was enacted with the objective of maximization of value of assets, to promote entrepreneurship, availability of credit and balance of interests of all stakeholders.

IndiaInsolvency/Bankruptcy/Re-Structuring
Manoj Singh
Manoj Singh
Daizy Chawla
Daizy Chawla
Kumar Deep
Kumar Deep
Jatin Kapoor
Jatin Kapoor
Neha Mittal
Neha Mittal
Sandesh Kumar
Sandesh Kumar
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Insolvency and Bankruptcy Code, 2016 was enacted with the objective of maximization of value of assets, to promote entrepreneurship, availability of credit and balance of interests of all stakeholders. Resolution Plan, as defined under Section 5(26) of the Insolvency and the Bankruptcy Code, 2016 "means a plan proposed by resolution applicant for insolvency resolution of the corporate debtor as a going concern in accordance with Part II."

In simple words, it is a plan proposed to resolve the incapacity of a Corporate Debtor to pay off its debts as a going concern.

Section 30 of the Code, provides that a Resolution Plan submitted by the Resolution Applicant to the Resolution Professional must necessarily provide for the following:

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