https://www.taxtmi.com/caselaws?id=291885 The Adjudicating Authority allowed the Interim Application (IA) filed by the Resolution Professional (RP), directing the reconstitution of the Committee of Creditors (CoC) to include new Financial Creditors as per the Insolvency and Bankruptcy Code (I & B Code). The Authority clarified that prior CoC decisions remain valid despite the inclusion of new members, ensuring compliance with the I & B Code. The Resolution Plan remains operative, with the new member allowed to express opinions. The Authority also permitted the exclusion of time spent in litigation from the 270-day Corporate Insolvency Resolution Process, following legal precedents for fair resolution. en-us Wed, 11 Sep 2019 00:00:00 +0530 Wed, 13 Nov 2024 12:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291885 The Adjudicating Authority allowed the Interim Application (IA) filed by the Resolution Professional (RP), directing the reconstitution of the Committee of Creditors (CoC) to include new Financial Creditors as per the Insolvency and Bankruptcy Code (I & B Code). The Authority clarified that prior CoC decisions remain valid despite the inclusion of new members, ensuring compliance with the I & B Code. The Resolution Plan remains operative, with the new member allowed to express opinions. The Authority also permitted the exclusion of time spent in litigation from the 270-day Corporate Insolvency Resolution Process, following legal precedents for fair resolution. Case-Laws IBC Wed, 11 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291885