Judgements

IBC, 2016 – Once a resolution plan is duly approved by the Adjudicating Authority under sub-section (1) of Section 31, the claims as provided in the resolution plan shall stand frozen and will be binding on the Corporate Debtor and its employees, members, creditors, including the Central Government, any State Government or any local authority, guarantors and other stakeholders

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Judgements

IBC – Dispute Section 9 – It is important to separate the grain from the chaff – so long as a dispute truly exists in fact and is not spurious, hypothetical or illusory, the adjudicating authority has no other option but to reject the application – the Court is not required to be satisfied as to whether the defence is likely to succeed or not – Court also cannot go into the merits of the dispute

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Judgements

IBC – Resolution plan approved by Committee of Creditors (CoC) – Jurisdiction of the Adjudicating Authority and Appellate Authority cannot extend into entering upon merits of a business decision made by a requisite majority of the CoC in its commercial wisdom – Nor is there a residual equity based jurisdiction in the Adjudicating Authority or the Appellate Authority

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