20 February, 2019
Our partner Murtaza Somjee shared his views with Bloomberg, on the implications of the landmark ruling of the Mumbai bench of the NCLT in SBM Paper Mills.
In this matter the NCLT, allowed the promoters of the company which was the subject of resolution proceedings to withdraw from the resolution process, effectively rescinding the approval that the committee of creditors had provided for the resolution plan submitted by a third party applicant, but at the same time facilitating the most optimal resolution for the creditors of the company.
The jury is still out on whether the ruling can be used as a “one size fit all” solution in other insolvency resolution processes.
Please click here to read the article.
For more information, please contact:
Sameer Sibal, Partner, Jerome Merchant + Partners
sameer.sibal@jmp.law
