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        Case ID :

        NCLAT upholds the Adjudicating Authority's approval of the...

        Resolution plan approval upheld; contested clauses don't divest land ownership or breach MoU/JDA; complies with Section 30(2)(e) IBC

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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.
                                NCLAT upholds the Adjudicating Authority's approval of the resolution plan and dismisses the appeal. The Tribunal held that contested clauses (5(c), (h), (i), (j), (l)) do not divest the corporate debtor's contractual ownership in the 10.19-acre land, nor contravene the MoU (24.01.2008) or JDA (16.06.2008); the JDA expressly contemplated appropriation at Rs.1,400/sq. ft. and Clause 5(m) binds the resolution applicant to JDA obligations. The plan was not contingent or conditional in violation of Section 30(2)(e) IBC, since payment timelines and absence of an exit clause rendered it binding. The successful resolution applicant met eligibility criteria. No error in the AA's order; appeal dismissed.
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                                ActsIncome Tax
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