Limitation in oppression and mismanagement proceedings: prior knowledge of removal and dilution barred the challenge, with valuation directions upheld...
Insolvency professional agency governance rules amended to add nominee directors, tighten independent director eligibility, and regulate managing dire...
Insolvency and BankruptcyFebruary 16, 2022Case LawsAT
Approval of resolution plan - The learned Counsel for the RP has submitted before us that Appellant itself has submitted twice the Resolution Plan, which could not be approved - There being debt of more that ₹ 50 crores, the Resolution Plan, which was submitted by the Appellant was only for ₹ 6.5 crores, which did not find favour with the Committee of Creditors. In the facts, which have been brought on record, there are no substance in the submission of learned Counsel for the Appellant that Application under Section 9 by the Operational Creditor was not maintainable. - AT
Approval of resolution plan - The learned Counsel for the RP has submitted before us that Appellant itself has submitted twice the Resolution Plan, which could not be approved - There being debt of more that ₹ 50 crores, the Resolution Plan, which was submitted by the Appellant was only for ₹ 6.5 crores, which did not find favour with the Committee of Creditors. In the facts, which have been brought on record, there are no substance in the submission of learned Counsel for the Appellant that Application under Section 9 by the Operational Creditor was not maintainable. - AT
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