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        Case ID :
        Insolvency and Bankruptcy

        Corporate Debtor, going concern or not - interim funds to run...

        Resolution Professional Needs 66% CoC Approval for Interim Finance Under IBC Section 28; Adjudicating Authority's Order Overturned.

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                          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.
                                Corporate Debtor, going concern or not - interim funds to run the concern - On going through Section 28(1)(a), Section 28(3) and Section 28(4), it is clear that the Resolution Professional can raise Interim Finance only subject to approval of the Committee of Creditors by a vote of 66 % under Section 28. In the instant case it is an admitted fact that the CoC have not approved the raising of any interim funds. - It is reiterated by the Resolution Professional that the Corporate Debtor is not a going concern - the direction given by the Adjudicating Authority in MA 4002/2019 are contrary to the provisions of IBC and are hereby set aside. - AT
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