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Insolvency and BankruptcySeptember 5, 2024Case LawsHC
Petition challenging maintainability of approved resolution plan dismissed. Resolution applicant made full disclosure, not barred u/s 29A. Once resolution plan approved, corporate debtor proceeds on clean slate with successful applicant, debts satisfied as required then jettisoned. Approved resolution plan shields corporate debtor's assets from criminal prosecution and attachment, Section 32A clarificatory. Committee of Creditors acts for all creditors, balancing maximization of asset value and revival. Its commercially viable decisions approved by NCLT cannot be condemned. No grounds to interfere, writ petition dismissed with costs.
Petition challenging maintainability of approved resolution plan dismissed. Resolution applicant made full disclosure, not barred u/s 29A. Once resolution plan approved, corporate debtor proceeds on clean slate with successful applicant, debts satisfied as required then jettisoned. Approved resolution plan shields corporate debtor's assets from criminal prosecution and attachment, Section 32A clarificatory. Committee of Creditors acts for all creditors, balancing maximization of asset value and revival. Its commercially viable decisions approved by NCLT cannot be condemned. No grounds to interfere, writ petition dismissed with costs.
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