Approval of the Resolution Plan - Appellant (Successful ...
Insolvency and Bankruptcy
March 1, 2024
Approval of the Resolution Plan - Appellant (Successful Resolution Applicant - SRA) submits that after approval of Resolution Plan of the Appellant by the CoC, there was no occasion for directing consideration of fresh settlement proposal submitted by Ex. Directors to be placed before the CoC - NCLAT noted that the Adjudicating Authority had passed the order without affording the appellant an opportunity to respond to the settlement proposal, which was deemed a violation of principles of natural justice. - The NCLAT set aside the Adjudicating Authority's order and granted the appellant two weeks to file objections to the settlement proposal. - NCLT directed to consider the objections along with the settlement proposal in accordance with the law.
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