IBC, 2016 and Invoking Provisions on Failure of Resolution Professional : Supreme Court Analyses the Law
If the Resolution Professional, in a given CIRP does not move an application, resort to S.47 of the IBC, 2016 could be had vis-à-vis undervalued transactions by a creditor, member or a partner of a corporate debtor as the case may be and they may move an application to the Adjudicating Authority to declare such transactions void and reverse their effect in accordance with the provisions of the IBC.
Gloster Ltd v. Gloster Cables Ltd [2026] GCtR 61 (SC)
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