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ARTICLE · 04 MARCH 2024

Important IBC Judgements In 2023 By NCLAT - Volume II

Economic Laws Practice
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Having observed so, at the cost of repetition, it is noted that any modification after approval of the CoC and submission to the Adjudicating Authority, irrespective of the content...

IndiaInsolvency/Bankruptcy/Re-Structuring
Mukesh Chand
Mukesh Chand
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Withdrawal of Application under Section 12A

Vadakkedathu Paul Vs. Sunstar Hotels and Estates Pvt. Ltd.

Judgment date: February 27, 2023 | NCLAT, Chennai Bench

There is no law which allows a third-party/shareholders to settle the claims of Financial Creditor on behalf of the Corporate Debtor

"Prima-facie there is no specific law which allows any shareholder of the Corporate Debtor to challenge the admission of Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor, once the debt due and default is established by the Adjudicating Authority, in an application made by the Financial Creditor filed under Section 7 of the IBC, 2016 before the Adjudicating Authority. Moreover, there is no law which allows a third-party to settle the claims of the Financial Creditor on behalf of the Corporate Debtor, more so, without any consent of the Corporate Debtor and in the teeth of opposition by the Financial Creditor. The Appellants could not produce any

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