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Insolvency and BankruptcyNovember 26, 2021Case LawsAT
Approval of Resolution plan - There can be no doubt that any fraud in process may vitiate the entire process but it is easy to allege fraud and collusion but difficult to prove the same. Apart from the bald allegation of collusion with the ‘Successful Resolution Applicant’, there is no other material to come to a finding that actually any fraud was played. The commercial wisdom of the Financial Creditors cannot be disregarded on bald allegation of fraud and collusion as raised by the Appellant. - None of the grounds to challenge the Resolution Plan had been made out. Hence the Adjudicating Authority rightly approved the Resolution Plan. - AT
Approval of Resolution plan - There can be no doubt that any fraud in process may vitiate the entire process but it is easy to allege fraud and collusion but difficult to prove the same. Apart from the bald allegation of collusion with the ‘Successful Resolution Applicant’, there is no other material to come to a finding that actually any fraud was played. The commercial wisdom of the Financial Creditors cannot be disregarded on bald allegation of fraud and collusion as raised by the Appellant. - None of the grounds to challenge the Resolution Plan had been made out. Hence the Adjudicating Authority rightly approved the Resolution Plan. - AT
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