LIJDLR

CIRP

THE ROLE OF COMMITTEE OF CREDITORS (COC) IN SHAPING RESOLUTIONS

Volume III Issue I /

THE ROLE OF COMMITTEE OF CREDITORS (COC) IN SHAPING RESOLUTIONS Nikhil Rawat, LL.M. (Corporate Banking & Insurance), Amity Law School, Noida (U.P.) Dr Amit Dhall, Assistant Professor, Amity Law School, Noida Download Manuscript doi.org/10.70183/lijdlr.2024.v03.32 The advent of the Insolvency and Bankruptcy Code, 2016 (IBC) in India marked a seminal shift in how financial distress is addressed. At the heart of this reform lies the Committee of Creditors (CoC), a body tasked with steering the Corporate Insolvency Resolution Process (CIRP). This paper critically examines the role of the CoC in shaping corporate resolutions, balancing creditor rights with debtor protections, and influencing the efficiency and outcomes of the insolvency process. Through an analysis of statutory frameworks, landmark judicial decisions, and practical implications, the paper reveals the evolving jurisprudence and real-world dynamics surrounding the CoC’s decision-making authority. It argues for a more nuanced understanding of commercial wisdom, transparency, and accountability, especially in light of the increasing scrutiny by courts and stakeholders. Type Information Research Paper LawFoyer International Journal of Doctrinal Legal Research, Volume III, Issue I, Page 787-806. Creative Commons Copyright This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License. © Authors, 2024

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THE KEY IMPLICATION OF SECTION 29A IN CORPORATE INSOLVENCY RESOLUTION PROCESS

Volume I Issue II /

THE KEY IMPLICATION OF SECTION 29A IN CORPORATE INSOLVENCY RESOLUTION PROCESS Akash Kumar, Student at Central University of South Bihar. Arvind Kumar, Student at Central University of South Bihar. Download Manuscript ABSTRACT This research paper tries to explore the current situation of Section 29A of the IBC, and also the CIRP’s aftermath. The Insolvency and Bankruptcy Code (IBC) governs insolvency proceedings, with the main objective of presenting a resolution plan to a corporate debtor. Earlier, a resolution applicant may be anyone who submitted a resolution plan to the resolution professional, and a resolution plan could have been any plan suggested by anyone for the corporate debtor’s insolvency resolution. Since there were no specific criteria or qualifications, any party, including the corporate debtor’s promoters or any connected party, might propose a resolution plan. The main objective of the paper to evaluate the function of CIRP after the encapsulation of Section 29A into the code. Section 29A of the IBC has become one of the most important statutes in evaluating Resolution Applicants’ eligibility throughout the Corporate Insolvency Resolution Process. In its initial it includes safeguards to prevent defaulting promoters from acquiring the corporate debtor also debarred the promoters to regain the control over the company with non-performing asset amount. Type Information Research Paper LawFoyer International Journal of Doctrinal Legal Research, Volume I, Issue II, Page 195 – 203. Creative Commons Copyright This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License. Copyright © LIJDLR 2023 Recent content THE KEY IMPLICATION OF SECTION 29A IN CORPORATE INSOLVENCY RESOLUTION PROCESS EXPLORING THE NEED FOR A POST-WTO FRAMEWORK CROSS-BORDER INSOLVENCY IN PRIVATE INTERNATIONAL LAW– EXAMINING THE UNICTRAL MODEL A SPOTLIGHT ON UNLAWFUL ACTIVITIES PREVENTION ACT, 2019 EQUALITY AND INCLUSIVITY: THE PUSH FOR LEGALIZING SAME-SEX MARRIAGES IN INDIA A COMPARATIVE ANALYSIS OF THE DPDP BILL AND OTHER PRIVACY LAWS

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