Alerts & Updates 3rd Nov 2024
The Indian Insolvency and Bankruptcy Code (IBC) aims for structured, timely corporate insolvency resolutions. However, many cases see banks and corporate debtors pursuing settlements during the Corporate Insolvency Resolution Process (CIRP) for quicker creditor recovery and debtor reorganization. This raises legal and operational challenges, particularly with Section 12A and collective action requirements. The Supreme Court in GLAS Trust Company LLC vs. Byju Raveendran and Ors. highlighted the structured withdrawal process post-admission and the limited role of Rule 11 powers. This post explores evolving jurisprudence on IBC settlements, key judgments, and practical tips for compliant, effective settlements.
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