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Insolvency and BankruptcyNovember 24, 2023Case LawsSC
Approval of Resolution Plan - NCLAT / NCLT kept the application pending and Directed the Official Liquidator (OL) to carry out a re-valuation of assets - if after repeated negotiations, a Resolution Plan is submitted, as was done by the appellant (Resolution Applicant), including the financial component which includes the actual and minimum upfront payments, and has been approved by the CoC with a majority vote of 88.56%, such commercial wisdom was not required to be called into question or casually interfered with - Order quashed - Plan approved - SC
Approval of Resolution Plan - NCLAT / NCLT kept the application pending and Directed the Official Liquidator (OL) to carry out a re-valuation of assets - if after repeated negotiations, a Resolution Plan is submitted, as was done by the appellant (Resolution Applicant), including the financial component which includes the actual and minimum upfront payments, and has been approved by the CoC with a majority vote of 88.56%, such commercial wisdom was not required to be called into question or casually interfered with - Order quashed - Plan approved - SC
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