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"It (resolution plan) shall be binding on the corporate debtor (Metalysts Forgings), its employees, members, and creditors, including the central government, any state government or any local authority to whom a debt in respect of the payment of dues arising under any law for the time being in force is due, guarantors and other stakeholders involved in the resolution plan," the division bench of justice VG Bisht and technical member Prabhat Kumar said in its May 14 order.

(This story has not been edited by THE WEEK and is auto-generated from a PTI

Insolvency and Bankruptcy Code, 2016 (IBC) in India has been a game changer for resolution-driven credit recovery from insolvent companies in several ways. For the first time, we have a law which enshrines the maximisation of the valuation of assets in its preamble and seeks to back it up by way of sections 29 and 30 and several corporate insolvency resolution process (CIRP) regulations.

Supreme Court Monday directed the Enforcement Directorate to launch a probe into the alleged siphoning of money to the tune of ₹20,000 crore by the erstwhile promoters of Amtek Auto Jaskaran Singh Chawla v Union Of India

The Supreme Court on Monday (February 12) observed that the Adjudicating Authority (“AA”) i.e., NCLT under Insolvency and Bankruptcy Code, 2016 (“IBC”) has the power to recall its order approving the...