CoC has no power to distribute money promised in Resolution Plan, NCLAT in Essar Steel Insolvency

Aditi Singh July 5 2019

The National Company Law Appellate Tribunal has held that the Committee of Creditors (CoC) has no role to play in the matter of distribution of amount promised in the Resolution Plan among the financial and operational creditors of the corporate debtor.

The distribution of amount to the financial creditors, operational creditors and other stakeholders ought to be made by the Resolution Applicant. The same is required to be reflected in the Resolution Plan, the Appellate Tribunal has clarified.

The Appellate Tribunal has further . . .

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