Successful Bidder, Failed Resolution: Analyzing the Lacuna in the Insolvency and Bankruptcy Code, 2016

[Siddharth Kumar is a student at Vivekananda School of Law and Legal Studies, New Delhi and Aditya Prasad at Jindal Global Law School, Sonepat. They are also Editor and Associate Editor respectively of the CorpLexia Blawg] The Insolvency and Bankruptcy Code, 2016 has arguably been one of the foremost developments in the Indian financial laws in recent times. While the Code has proven to be (or made to be) contentious in what seems to be almost every aspect of its substance and procedure, a new facet has been added to the realm of concerns under the new insolvency regime. In 2018, having reneged on its obligations under approved resolution plans for Amtek Auto Ltd and Adhunik Metaliks Ltd, Liberty House, the successful bidder has opened up the proverbial Pandora’s box of shortcomings and indecisions under the Code. This post seeks to analyze the multifarious implications in cases where a successful bidder of an approved resolution plan fails to honour its obligations…

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