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NCLAT upholds NCLT's order to return resolution plan to CoC as appellant-SRA agreed to reconsider the matter
Noble Marine Metals Co WLL v. Kotak Mahindra Bank Ltd. - [2024] 163 taxmann.com 727 (NCLAT- New Delhi)
In the instant case, the Corporate Insolvency Resolution Process (CIRP) was initiated against the corporate debtor. The appellant submitted a resolution plan, which was approved by the CoC. Meanwhile, financial creditors filed an application before the NCLT seeking to delete a clause in the resolution plan that provided for the release of promoters' personal guarantees.
The NCLT, vide the impugned order, remitted the resolution plan back to the CoC for reconsideration. The appellant appealed before the NCLAT on the ground that since the NCLT had approved the resolution plan, it had no jurisdiction to send it back for reconsideration at the request of a financial creditor.
It was noted that the resolution applicant appeared before the NCLT and submitted that the Committee of Creditors (CoC) could reconsider the plan as per the wisdom of CoC members.
The NCLAT held that since the resolution applicant itself consented before the NCLT that the matter be sent back to the CoC for consideration, he could not have challenged the impugned order.
Further, the NCLAT held that the CoC, as per the impugned order, was to make a decision, and RP was to submit a modified resolution plan, if any, before the NCLT. Therefore, the impugned order passed by the NCLT was justified.
SEBI proposes measures to facilitate ease of doing business under LODR and ICDR norms
SEBI has released a Consultation Paper to facilitate ease of business under LODR and ICDR Norms. The objective is to seek comments from the public on the expert committee's recommendation regarding the ease of doing business under these norms. The expert committee's report is divided into three parts. The first and second parts deal with recommendations for ease of doing business under LODR and ICDR norms. The third part deals with harmonising provisions of ICDR and LODR norms.
SEBI prescribes conditions for NRIs/OCIs /resident Indian individuals for making FPI applications
SEBI has notified an amendment to Regulation 4 of SEBI (FPI) Regulations, 2019, w.r.t eligibility criteria of foreign portfolio investors (FPI). SEBI has now notified the conditions for non-resident Indians, overseas citizens of India, or resident Indian individuals to be the constituents of the FPI applicant. Now, the contribution of a single non-resident Indian, overseas citizen of India or resident Indian individual must be below 25% of the total contribution in the corpus of the FPI applicant.
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