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ARTICLE · 17 FEBRUARY 2025

Dispute Resolution & ADR Newsletter - February 2025

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The February 2025 edition of Fox & Mandal's Dispute Resolution & ADR newsletter examines the sub-classification within the class of operational creditors in a resolution plan; arbitrability of disputes under the Real Estate (Regulation and Development) Act, 2016; whether funds collected for the commission of a scheduled offence are ‘proceeds of crime'; extension of limitation when the 30-day condonable period to challenge an arbitral award falls on a court holiday; and other recent judgments.

IndiaLitigation, Mediation & Arbitration
Kunal Vajani
Kunal Vajani
Ashutosh Gupta
Ashutosh Gupta
Kunal Mimani
Kunal Mimani
Kartikey Bhatt
Kartikey Bhatt
Prashant Alai
Prashant Alai
Shubhang Tandon
Shubhang Tandon
Abhinav Jain
Abhinav Jain
Abhinav Rana
Abhinav Rana
Akshay Luthra
Akshay Luthra
+4 more
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Sub-classification within the class of operational creditors is permissible

NCC Ltd v. Golden Jubilee Hotels Pvt Ltd

December 11, 2024 | National Company Law Appellate Tribunal, New Delhi 2024 SCC OnLine NCLAT 2052

The National Company Law Appellate Tribunal (NCLAT) held that sub-classification within the class of Operational Creditors (OC) in the resolution plan to achieve the revival of the Corporate Debtor (CD) is within the jurisdiction of the Committee of Creditors (CoC) and is permissible within the framework of the Insolvency and Bankruptcy Code, 2016 (Code). This decision reinforces the commercial wisdom of the CoC in structuring resolution plans and ensuring that key stakeholders essential to the business's survival – such as landowners, essential service providers, and regulatory bodies – can be accommodated in the resolution process to facilitate continuity and long-term viability. While this strengthens the viability of distressed companies,

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