"resolution applicant" means a person, who individually or jointly with any other person, submits a resolution plan to the resolution professional pursuant to the invitation made under clause (h) of sub-section (2) of section 25”.
A resolution plan is a comprehensive document, which details the characteristics of a bank and describes the preferred resolution strategy for that bank, including which resolution tools to apply.
Among the seven amendments approved by the cabinet on Wednesday, a key change retroactively clarifies an IBC provision to put the committee of creditors (CoC) in driver's seat.
The Insolvency and Bankruptcy Code, 2016 (IBC) is the bankruptcy law of India which seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy. The Insolvency and Bankruptcy Code, 2015 was introduced in Lok Sabha in December 2015. The IBC has 255 sections and 11 Schedules.
Recovery and Resolution Planning. The Recovery and Resolution framework marks the Union's response to the critical issue of banks deemed 'too big to fail' during the recent financial crisis. As a result, significant progress has been made by the authorities and the financial institutions.
A corporate debtor under Insolvency and Bankruptcy Code, 2016 (IBC) is the Corporate Person who owes a debt to any person.
Provided that the resolution applicant shall not have a right to vote at the meeting of the committee of creditors unless such resolution applicant is also a financial creditor.
The Insolvency and Bankruptcy Code (IBC) 2016 in its preamble identifies itself as a law for reorganisation and resolution of companies. Under it, promoters or persons who controlled the insolvent company cannot apply as resolution applicant.
The insolvency resolution process (IRP) is a one under the Insolvency and Bankruptcy Code, 2016, where the National Company Law Tribunal (NCLT) initiates a corporate insolvency resolution process (CIRP) when a company defaults on making payment to creditors.
In computers, resolution is the number of pixels (individual points of color) contained on a display monitor, expressed in terms of the number of pixels on the horizontal axis and the number on the vertical axis. The sharpness of the image on a display depends on the resolution and the size of the monitor.
A resolution plan is a comprehensive document, which details the characteristics of a bank and describes the preferred resolution strategy for that bank, including which resolution tools to apply. It concludes with a resolvability assessment of the bank.
Corporate Insolvency Resolution Process (CIRP)
Corporate Insolvency Resolution Process is a recovery mechanism for creditors. If a corporate becomes insolvent, a financial creditor, an operational creditor, or the corporate itself may initiate CIRP. After making an application then CIRP is initiated."resolution applicant" means a person, who individually or jointly with any other person, submits a resolution plan to the resolution professional pursuant to the invitation made under clause (h) of sub-section (2) of section 25”.
Insolvency can be considered a financial “state of being”, when a company is unable to pay its debts or when it has more liabilities than assets on its balance sheet, this being legally referred to as “technical insolvency”. Liquidation is the legal ending of a limited company.
The National Company Law Tribunal is a quasi-judicial body in India that adjudicates issues relating to Indian companies.
Meaning of Insolvency Professional
An Insolvency Professional is one who is registered with the Insolvency and Bankruptcy Board of India (IBBI). They are enrolled with an Insolvency Agency and they are involved in the dissolution process of an insolvent individual, companies, LLPs or partnerships.
