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Prior appellate adjudication had already conclusively rejected inclusion of the foreign oil and gas assets in the CIRP of Videocon Industries Ltd, so the later order directing inclusion could not stand. The Tribunal also held that a holding company and its subsidiary remain separate legal persons, and that co-extensive guarantor liability does not permit importing a subsidiary's assets into the guarantor's CIRP. On the resolution plan challenge, it accepted that pre-existing contractual rights, including a right of first refusal, could be respected because an approved plan must be implementable and the Committee of Creditors could, in its commercial wisdom, pursue a feasible value-maximising structure. The order approving consummation of the BPRL transaction was upheld.
Prior appellate adjudication had already conclusively rejected inclusion of the foreign oil and gas assets in the CIRP of Videocon Industries Ltd, so the later order directing inclusion could not stand. The Tribunal also held that a holding company and its subsidiary remain separate legal persons, and that co-extensive guarantor liability does not permit importing a subsidiary's assets into the guarantor's CIRP. On the resolution plan challenge, it accepted that pre-existing contractual rights, including a right of first refusal, could be respected because an approved plan must be implementable and the Committee of Creditors could, in its commercial wisdom, pursue a feasible value-maximising structure. The order approving consummation of the BPRL transaction was upheld.
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