Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + AT Insolvency and Bankruptcy - 2020 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (12) TMI 1271 - AT - Insolvency and BankruptcyRevision of the approved Resolution Plan - Adjudicating Authority observed that the contention of the Appellant that it had no knowledge of the financial condition of the Corporate Debtor cannot be entertained - HELD THAT:- Having regard to the Judgments rendered by this Appellate Tribunal holding that the Successful Resolution Applicant cannot be permitted to withdraw the approved Resolution Plan coupled with the fact that the Appellant in the instant case being the sole Resolution Applicant in the Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor which has been classified as an MSME and admittedly having knowledge of the financial health of the Corporate Debtor as a promoter or a connected person cannot be permitted to seek revision of the approved Resolution Plan on that ground which would not be a material irregularity within the ambit of Section 61(3) of the Insolvency and Bankruptcy Code, 2016. Taking into consideration the fact that the Corporate Debtor is an MSME and there is economic slowdown globally in the wake of outbreak of COVID-19 Pandemic, it is deemed appropriate to waive off the costs imposed by the Adjudicating Authority - Appeal dismissed.
|