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NATIONAL COMPANY LAW TRIBUNAL
SMT. BIDISHA BANERJEE, SHRI. D. ARVIND, JJ
State Bank of India – Appellant
Versus
N.S. Engineering Projects Private Limited – Respondent
Headnote: Read headnote
ORDER
Per: Bidisha Banerjee, Member (Judicial)
1. The Court congregated through hybrid mode.
Table of Contents I.A. (IB) No. 2044/KB/2023 ........................................................ 3
Prologue .................................................................................. 3
Commencement of the Corporate Insolvency Resolution Process (CIR Process) of the N.S. Engineering Projects Private Limited . 5
Public Announcement .............................................................. 5
Constitution of the Committee of Creditors and its Meetings ... 6
Appointment of Registered Valuers ......................................... 7
Collation of Claims .................................................................. 8
Corporate Insolvency Resolution Process and Compliance ....... 8
The court affirmed that a resolution plan, once approved by the Committee of Creditors under the IBC, is binding and must comply with statutory provisions for effective business revival.
The court emphasized that under the IBC, the approved Resolution Plan is binding on all stakeholders and requires strict adherence to statutory provisions to ensure effective corporate revival.
The approval of a resolution plan under the Insolvency and Bankruptcy Code requires strict adherence to statutory procedures and protections for financial creditors.
Upon approval of a resolution plan, all past corporate liabilities, including criminal ones, are extinguished, allowing new management to assume control without prior burdens.
The approval of a Resolution Plan under the Insolvency and Bankruptcy Code is binding on all stakeholders, contingent on compliance with statutory obligations and financial guidelines, ensuring the v....
The court held that upon approval of the resolution plan under the IBC, all pending claims not included in the plan stand extinguished, thus protecting the successful resolution applicant from any un....
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