Consider the following scenarios and examine whether the following resolutions stand approved in the meeting of the Committee of Creditors ? S. No. Agenda Item % of members in value approving the item 1 Appointment of Va

CS Professional · Corporate Restructuring, Insolvency, Liquidation & Winding-up · PYQS · December 2022
Consider the following scenarios and examine whether the following resolutions stand approved in the meeting of the Committee of Creditors ? S. No. Agenda Item % of members in value approving the item 1 Appointment of Valuers 50% 2 Replacement of the Resolution Professional 67% 3 Approval of the Resolution Plan 52% 4 Withdrawal of application u/s 12A of the Insolvency & Bankruptcy Code, 2016 85% 5 Appointment of technical consultant to assist the Resolution Professional 56%

Answer & Explanation:

As per the relevant applicable provisions of the Insolvency and Bankruptcy Code, 2016, status of the following resolution is as under: S. No. Agenda Item % of members in value approving the item Approved/Not Approved 1. Appointment of Valuers 50% Not approved 2. Replacement of the Resolution Professional 67% Approved 3. Approval of the Resolution Plan 52% Not approved 4. Withdrawal of CIRP u/s 12A of the Insolvency & Bankruptcy Code, 2016 85% Not approved 5. Appointment of technical consultant to assist the Resolution Professional 56% Approved

Topics: Insolvency and Bankruptcy Code, 2016

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