VARIOUS IMPORTANT JUDGMENTS HELD IN IBC, 2016

In the case of Vijay Kumar Jain vs. Standard Chartered Bank & Ors., the Apex Court held that the members of the suspended Board of Directors of a corporate debtor are vested with right to receive insolvency resolution plans submitted before the resolution professional so that they could effectively participate in the meetings of Committee of Creditors (CoC). The Supreme Court

PROCESS OF IBC CASE FOR OPERATIONAL CREDITORS BEFORE NCLT

Demand notice to be issued to the Corporate Debtor by the Operational Creditor demanding payment of amount involved. The Corporate Debtor, within a period of ten days of the receipt of the demand notice shall notify the Operational Creditor of the existence of a dispute if any or show proof of repayment. After the expiry of the aforementioned ten days