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NCLAT dismissed the appeal and affirmed the impugned order dated 11.06.2024, holding that the approved resolution plan could not be modified to permit duplicate recovery by NCD holders. The court found the CIRP of the corporate debtor validly initiated, the IRP/RP properly appointed, and 188 NCD investors were represented in the CoC through their authorized representative and trustee. Having received payments under a prior settlement approved by the HC and executed undertakings foregoing further claims, those investors could not also claim amounts under the resolution plan. The Tribunal's rejection of applications to alter trustee or reopen representation was upheld, and the appeal was dismissed as devoid of merit.
NCLAT dismissed the appeal and affirmed the impugned order dated 11.06.2024, holding that the approved resolution plan could not be modified to permit duplicate recovery by NCD holders. The court found the CIRP of the corporate debtor validly initiated, the IRP/RP properly appointed, and 188 NCD investors were represented in the CoC through their authorized representative and trustee. Having received payments under a prior settlement approved by the HC and executed undertakings foregoing further claims, those investors could not also claim amounts under the resolution plan. The Tribunal's rejection of applications to alter trustee or reopen representation was upheld, and the appeal was dismissed as devoid of merit.
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