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        Case ID :
        Insolvency and Bankruptcy

        The NCLAT held that the Supreme Court's clarification in M/S....

        NCLAT upheld re-verification of Pegasus's claim by RP & approval of Resolution Plan sans payment to appellant promoter.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                The NCLAT held that the Supreme Court's clarification in M/S. TULIP STAR HOTELS LIMITED & ANR. VERSUS MR. ANISH NIRANJAN NANAVATY & ANR. stated that reworking/verification of claims would not impact the Resolution Plan or its implementation. The re-verification of Pegasus's claim by the Resolution Professional (RP) at 14.85%, upon Pegasus's request, was valid, and the Adjudicating Authority correctly approved it. The Appellant, a shareholder and promoter, was not proposed any amount in the Resolution Plan. The NCLAT found no error in the Adjudicating Authority's approval of the Resolution Plan in accordance with the statutory scheme and dismissed the appeal.
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