Insolvency Resolution Plans: Right of Erstwhile Management, Corporate Debtor

Published date01 June 2019
Date01 June 2019
Subject MatterArticles
Insolvency Resolution
Plans: Right of
Erstwhile Management,
Corporate Debtor
Jasper Vikas George1
As the law under the Insolvency and Bankruptcy Code, 2016 progresses, many
anomalies have surfaced which revolve around the resolution plans, which are
meant for the survival of the corporate debtor. The National Company Law
Appellate Tribunal recently held that it is permissible in law to give the oppor-
tunity to ‘resolution applicants’ for revising their offer before final approval.1
Resolution plans play a key role in the corporate insolvency resolution process;
therefore, the objectives of the author in the present article is, first, to analyse
the importance of resolution plans, second, to examine the law regarding resolu-
tion plans in the Insolvency Code and, in the end, to analyse whether there is
any necessity to maintain secrecy in reference to ‘resolution plans’ or whether
giving a copy of the resolution plans to the corporate debtor will actually help
the corporate debtor in getting necessary information for the health of their
business for its benefit.
Resolution Plan (RP), Committee of Creditors (CoC), Insolvency Resolution
Professional (IRP), Corporate Insolvency Resolution Process (CIRP)
1 Tata Steel Ltd. v. Liberty House Group (P.) Ltd, (2019) NCL-AT (Insolvency) No. 198 of 2018
Journal of National
Law University Delhi
6(1) 39–49, 2019
2019 National Law
University Delhi
Reprints and permissions:
DOI: 10.1177/2277401719851646
1 Assistant Professor of Law, Executive Director, Centre for Tax Laws, National Law University,
Delhi, Dwarka, New Delhi, India.
Corresponding author:
Jasper Vikas George, National Law University, Delhi, Sector 14, Dwarka, New Delhi 110078, India.

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