All appeals are dismissed.

The costs of appeal are assessed against the defendant.

The grounds of appeal are examined.

1. Regarding ground of appeal No. 1

A. (1) The former Corporate Restructuring Promotion Act (amended by Act No. 10684, May 19, 201; hereinafter the same shall apply) stipulates that a creditor financial institution of the relevant company shall establish a creditor financial institution of the relevant company for efficient restructuring (hereinafter referred to as “council”) for the purpose of efficient restructuring of the company showing signs of insolvency.

(Article 15(1) of the Act provides that a creditor financial institution of an enterprise showing signs of insolvency is a person who has extended credit to the relevant enterprise and falls under any of the items of Article 2(1) (Article 2 subparag. 1). Thus, the Act automatically becomes a member of the Council regardless of its intention.

In addition, the council shall make a resolution with the consent of the creditor financial institutions holding not less than 3/4 of the total amount of credit extension by the creditor financial institutions (the main sentence of Article 18(1)). Since the creditor financial institutions faithfully perform the matters that have been resolved pursuant to the resolution (Article 18(2)), the council's resolution is set to comply with the principle of majority, not with the consent of all creditor financial institutions

According to the former Corporate Restructuring Promotion Act, if deemed necessary for the normalization of management of an enterprise showing signs of insolvency, creditor financial institutions may grant new credit to the relevant enterprise (Article 10(1)), and the Council may deliberate and decide on matters such as the establishment of a plan for credit extension, etc.

(Article 17(1)7). However, the former Corporate Restructuring Promotion Act has separate provisions protecting the legal status of creditor financial institutions with respect to such new credit extension.

In other words, if there is a resolution of the Council on new credit extension, the creditor financial institutions opposing the resolution can request the creditor financial institutions that agreed to the resolution of the Council to purchase their claims within seven days from the date of resolution.