NCLT directs creditors to set norms for evaluation of resolution plan

Varun Marwah December 5 2018
NCLT Chennai

The Chennai Bench of the NCLT has called for ‘standard operating procedures’ to be followed by members of the committee of creditors (CoC), for determining the viability of resolution plans under the Insolvency and Bankruptcy Code. The order for developing procedures is directed towards members of CoC and requires the banking division of the Ministry of Finance to be consulted for it.

However, one aspect is clear that the members of the CoC have rejected the resolution plan mechanically without application of mind, as if, they have not been interested to consider the . . .

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