Natural justice in insolvency-professional discipline requires disclosed material; notices based on extraneous material and ignored defences are vitia...
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The NCLAT dismissed the company appeal, upholding the Principal Bench's confirmation of the impugned NCLT order and the approved resolution plan. The Tribunal held that nothing substantial survives for adjudication on merits where the Principal Bench has already validated the resolution plan and related determinations in the lead batch of appeals. The appellant's characterization of its submission as a contingent claim, and contention that the RP improperly treated it as an ordinary claim or artificially classified claims, did not alter the outcome; the resolution plan, including the 24-month cap for creditors to crystallize claims, stands confirmed and the challenge to the impugned order is rejected.
The NCLAT dismissed the company appeal, upholding the Principal Bench's confirmation of the impugned NCLT order and the approved resolution plan. The Tribunal held that nothing substantial survives for adjudication on merits where the Principal Bench has already validated the resolution plan and related determinations in the lead batch of appeals. The appellant's characterization of its submission as a contingent claim, and contention that the RP improperly treated it as an ordinary claim or artificially classified claims, did not alter the outcome; the resolution plan, including the 24-month cap for creditors to crystallize claims, stands confirmed and the challenge to the impugned order is rejected.
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