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NCLAT dismissed the appeal challenging a resolution plan, holding: (1) CCI approval not mandatory as the corporate debtor's asset value (Rs.70.76 Crore) falls below statutory threshold; (2) debt assignment by Asset Reconstruction Company to non-ARC entity is permissible under SARFAESI Act; (3) international finance corporation's debt can be assigned to Indian entity with potential RBI approval within one year; (4) Noida Project Land provisions do not violate IBC regulations. The Resolution Plan, approved by 73.38% voting share of financial creditors, remains binding, reflecting the Committee of Creditors' commercial wisdom and complying with legal requirements.
NCLAT dismissed the appeal challenging a resolution plan, holding: (1) CCI approval not mandatory as the corporate debtor's asset value (Rs.70.76 Crore) falls below statutory threshold; (2) debt assignment by Asset Reconstruction Company to non-ARC entity is permissible under SARFAESI Act; (3) international finance corporation's debt can be assigned to Indian entity with potential RBI approval within one year; (4) Noida Project Land provisions do not violate IBC regulations. The Resolution Plan, approved by 73.38% voting share of financial creditors, remains binding, reflecting the Committee of Creditors' commercial wisdom and complying with legal requirements.
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