Approval of Resolution Plan - The Appellate Tribunal upheld the ...
Insolvency and Bankruptcy
April 8, 2024
Approval of Resolution Plan - The Appellate Tribunal upheld the approval of the Resolution Plan, stating that there was no violation of statutory provisions. It emphasized the commercial wisdom of the CoC and noted that the plan fairly allocated funds to different classes of creditors. - The Tribunal clarified that the Adjudicating Authority's order did not require the entire amount of the appellant's claim to be kept in escrow. It interpreted the order as intending to hold only the amount provided in the plan against the admitted claim in escrow, subject to the outcome of an execution petition. - The NCLAT dismissed the appellant's appeal against the approval of the plan.
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