Positive CoC voting – an absolute must in CoC
Supreme Court rules on the power of abstinence
By Nitu Poddar (resolution@vinodkothari.com)
Background
A financial creditor who is present at the CoC meeting but neither says yes, nor says no, and therefore, remains neutral by abstaining to vote, will still hold as much strength as the CoC member who says no. This is emerging from the SC ruling in K.Sashidhar vs Indian Overseas Bank & Ors[1].