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Insolvency and BankruptcyApril 23, 2024Case LawsAT
Approval of Resolution plan - Propriety of the valuation exercise conducted by the RP - The tribunal dismissed concerns regarding the SRA's competence, noting that the resolution plan included a clear and feasible strategy for running the corporate debtor effectively under new management. The tribunal found that the plan aimed to preserve the corporate debtor as a going concern. - The tribunal addressed the valuation concerns by referring to the dual valuation reports provided during the CIRP process and found no significant discrepancy warranting the engagement of a third valuer. - The tribunal clarified that the resolution plan does not extinguish the liabilities of personal guarantors. - The tribunal's decision reinforces the principle that the commercial wisdom of the Committee of Creditors (CoC) is paramount.
Approval of Resolution plan - Propriety of the valuation exercise conducted by the RP - The tribunal dismissed concerns regarding the SRA's competence, noting that the resolution plan included a clear and feasible strategy for running the corporate debtor effectively under new management. The tribunal found that the plan aimed to preserve the corporate debtor as a going concern. - The tribunal addressed the valuation concerns by referring to the dual valuation reports provided during the CIRP process and found no significant discrepancy warranting the engagement of a third valuer. - The tribunal clarified that the resolution plan does not extinguish the liabilities of personal guarantors. - The tribunal's decision reinforces the principle that the commercial wisdom of the Committee of Creditors (CoC) is paramount.
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