Approval of a resolution plan - The Tribunal dismissed ...
Insolvency and Bankruptcy
May 1, 2024
Approval of a resolution plan - The Tribunal dismissed objections raised by dissenting homebuyers, citing that since the homebuyers as a class assented to the plans, individual challenges to the resolution plan were not maintainable. - Previous applications challenging the validity of the sub-lease agreement were dismissed by the Tribunal, as the transaction occurred prior to the initiation of Corporate Insolvency Resolution Process (CIRP), without evidence of fraud or intent to deprive homebuyers' rights. - The Tribunal upheld the preliminary objection regarding the competence of maintaining the appeal by the appellants, emphasizing that dissenting homebuyers must follow the decision of the majority within their class.
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