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Insolvency and BankruptcyJanuary 4, 2022Case LawsAT
Validity of Resolution Plan - Fair and Equitable distribution under the Resolution Plan - Undoubtedly, the commercial decision and matters pertaining to it solely comes within the ambit of the ‘Committee of Creditors’ who in the present case had approved the Resolution Plan with a majority of 75.70% affirmative votes. In effect, the acceptance and approval of Resolution Plan of 4th Respondent by the ‘Adjudicating Authority’ (National Company Law Tribunal, Kolkata Bench) does not suffer from any vice of material irregularities or patent illegalities in the eye of law, as opined by this Tribunal. - AT
Validity of Resolution Plan - Fair and Equitable distribution under the Resolution Plan - Undoubtedly, the commercial decision and matters pertaining to it solely comes within the ambit of the ‘Committee of Creditors’ who in the present case had approved the Resolution Plan with a majority of 75.70% affirmative votes. In effect, the acceptance and approval of Resolution Plan of 4th Respondent by the ‘Adjudicating Authority’ (National Company Law Tribunal, Kolkata Bench) does not suffer from any vice of material irregularities or patent illegalities in the eye of law, as opined by this Tribunal. - AT
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