Condonation of refiling delay refused where repeated defects, lack of diligence and vague explanations defeated the appeal against resolution plan app...
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Insolvency and BankruptcyJanuary 30, 2024Case LawsAT
Seeking withdrawal of CIRP - The tribunal noted the appellant's repeated failures in meeting commitments to the operational creditor. - It highlighted that the HDFC Bank's decision to oppose the CIRP withdrawal was based on commercial wisdom, considering the substantial financial loss involved. - The threshold for CIRP withdrawal under Section 12A – approval from 90% of the CoC – was not met, as HDFC Bank, holding 19.94% of the voting share, opposed the withdrawal. - AT
Seeking withdrawal of CIRP - The tribunal noted the appellant's repeated failures in meeting commitments to the operational creditor. - It highlighted that the HDFC Bank's decision to oppose the CIRP withdrawal was based on commercial wisdom, considering the substantial financial loss involved. - The threshold for CIRP withdrawal under Section 12A – approval from 90% of the CoC – was not met, as HDFC Bank, holding 19.94% of the voting share, opposed the withdrawal. - AT
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