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        IBC

        The NCLAT dismissed the appeal challenging the order and...

        Appeal Dismissed on Asset Ownership Under IBBI CIRP Regulations Section 37(1)(a) in Resolution Plan Dispute

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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 dismissed the appeal challenging the order and connected applications. The appellant sought to restore certain commercial complex assets as their property and restrain the RP and SRA from dealing with them, relying on a settlement agreement dated 30.05.2023. However, the Tribunal upheld that the assets were duly disclosed as belonging to the Corporate Debtor (CD) in the Information Memorandum and confirmed that the Resolution Plan was approved on 19.07.2020. Consequently, the appellant's claim to the assets was rejected. The Tribunal further noted that the SRA is entitled to deal with the assets per Regulation 37(1)(a) of the IBBI (CIRP) Regulations, 2016. The IA for approval of the Resolution Plan was remitted back to the CoC. The prayers to set aside the impugned order were refused and the appeal was dismissed.
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