Tribunal grants amendment allowing uncapped CIRP costs & shortened plan term, promoting fairness.

The Tribunal allowed the Resolution Applicant's application to amend the final Resolution plan by uncapping CIRP costs and reducing the plan term from 180 days to 90 days. The Tribunal directed the applicant to submit required documents to the Committee of Creditors for consideration and permitted other resolution applicants to make modifications within 48 hours. The decision aimed to ensure fairness and equal opportunities for all resolution applicants.

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Issues:
Amendment of final Resolution plan - uncapping CIRP costs and reducing plan term from 180 days to 90 days.

Analysis:
The Tribunal considered an application filed by a Resolution Applicant seeking to amend the final Resolution plan dated 22.10.2021. The applicant requested to uncaps the CIRP costs and reduce the term of the plan from 180 days to 90 days. The Tribunal noted that the CIRP period would end soon, and decisions on the resolution plans needed to be made by the Committee of Creditors (CoC) and the Tribunal. To ensure justice, the Tribunal directed the applicant to submit affidavits and a covering letter to the CoC for consideration. Additionally, the Tribunal allowed other resolution applicants to make modifications to their plans within 48 hours for consideration by the CoC. The Tribunal disposed of the application accordingly, emphasizing the importance of maintaining a level playing field for all resolution applicants.

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