Assessment of sale as a going concern: committee recommendation must identify grouped assets and be filed for approval. Regulation 39C allowed the committee of creditors, when approving a resolution plan or deciding on liquidation, to recommend exploring sale of the corporate debtor or its business as a going concern; the committee had to identify and group assets and liabilities to be sold together, and the resolution professional was required to submit that recommendation to the adjudicating authority when filing the committee's approval or decision.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Assessment of sale as a going concern: committee recommendation must identify grouped assets and be filed for approval.
Regulation 39C allowed the committee of creditors, when approving a resolution plan or deciding on liquidation, to recommend exploring sale of the corporate debtor or its business as a going concern; the committee had to identify and group assets and liabilities to be sold together, and the resolution professional was required to submit that recommendation to the adjudicating authority when filing the committee's approval or decision.
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