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Insolvency and BankruptcyAugust 27, 2024Case LawsAT
Statutory framework under Insolvency and Bankruptcy Code (IBC) examined. Settlement proposal by appellant rejected by Committee of Creditors (CoC) u/s 12A, as it sought release of personal guarantees, contrary to approved resolution plan retaining guarantees. CoC's decision well-considered, not arbitrary, taken with 100% voting share. Supreme Court precedent distinguishes Section 12A withdrawal from approved resolution plan u/s 31 or scheme under Companies Act. Adjudicating Authority rightly rejected appellant's application challenging CoC decision. Appeal dismissed as devoid of merit by Appellate Tribunal.
Statutory framework under Insolvency and Bankruptcy Code (IBC) examined. Settlement proposal by appellant rejected by Committee of Creditors (CoC) u/s 12A, as it sought release of personal guarantees, contrary to approved resolution plan retaining guarantees. CoC's decision well-considered, not arbitrary, taken with 100% voting share. Supreme Court precedent distinguishes Section 12A withdrawal from approved resolution plan u/s 31 or scheme under Companies Act. Adjudicating Authority rightly rejected appellant's application challenging CoC decision. Appeal dismissed as devoid of merit by Appellate Tribunal.
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