https://www.taxtmi.com/caselaws?id=313486 The NCLAT held that the Committee of Creditors is not required to provide resolution plans to the suspended Board of Directors for their comments under Regulations 19 and 21 of the IBBI Regulations, 2016. While the Board must be taken into confidence for debt contract modifications through negotiations, they cannot decide the viability and feasibility of resolution plans or restructure debt. Only the Committee of Creditors, being experts in the field, can determine the viability and financial matrix of resolution plans through majority voting. The appeal was disposed of without granting the relief sought. en-us Thu, 09 Aug 2018 00:00:00 +0530 Wed, 17 Apr 2024 17:32:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313486 The NCLAT held that the Committee of Creditors is not required to provide resolution plans to the suspended Board of Directors for their comments under Regulations 19 and 21 of the IBBI Regulations, 2016. While the Board must be taken into confidence for debt contract modifications through negotiations, they cannot decide the viability and feasibility of resolution plans or restructure debt. Only the Committee of Creditors, being experts in the field, can determine the viability and financial matrix of resolution plans through majority voting. The appeal was disposed of without granting the relief sought. Case-Laws Insolvency and Bankruptcy Thu, 09 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313486