Approval of Resolution Plan - Validity of the order of ...
Insolvency and Bankruptcy
April 12, 2024
Approval of Resolution Plan - Validity of the order of Adjudicating Authority (NCLT) wherein it held that Rishima cannot be called as a Financial Creditor and Rishima being a Decree Holder of a foreign award can be treated as other creditor. The application of the respondent was partly allowed by the Adjudicating Authority - The Appellate Tribunal, in its decision, focused on the approval of the Resolution Plan by the Adjudicating Authority. Despite the ongoing dispute regarding the nature and status of the foreign arbitral award obtained by Rishima, the Resolution Plan allocated a nominal amount to Rishima's claim. The Tribunal concluded that the Resolution Plan had effectively addressed the issues raised in the appeal, rendering further consideration unnecessary. As a result, the appeal was dismissed.
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