Insolvency and Bankruptcy Code provides for approval of the resolution plan first by the CoC with 75% majority and then by NCLT. Photo: AFPIt is unfortunate that the Insolvency and Bankruptcy Code (IBC) is mired in so much controversy. The two-stage approval process as stated above permits such a situation. There is a curious case where the promoter of a corporate debtor, undergoing insolvency resolution process, has offered to pay the creditors in full and redeem the assets. Now the question which arises is whether the corporate insolvency resolution process (CIRP) once started can be terminated.

Source: Mint April 23, 2018 17:15 UTC