https://www.taxtmi.com/caselaws?id=360993 Periods consumed by stay orders and connected litigation may be excluded when computing the insolvency resolution timeline, where such exclusion is necessary to preserve the resolution process and the corporate debtor as a going concern. On that basis, the 270-day period was treated as extending by the excluded time, and the resolution plan was considered timely. The Tribunal also held that financial creditors could reconsider earlier votes before final approval because the Code did not prohibit a change of mind, the earlier reconsideration order was not challenged, and the revised voting share met the requisite majority. As the plan complied with section 30(2), approval under section 31(1) was granted and the plan became binding on stakeholders. en-us Wed, 18 Apr 2018 00:00:00 +0530 Sat, 26 May 2018 09:42:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360993 Periods consumed by stay orders and connected litigation may be excluded when computing the insolvency resolution timeline, where such exclusion is necessary to preserve the resolution process and the corporate debtor as a going concern. On that basis, the 270-day period was treated as extending by the excluded time, and the resolution plan was considered timely. The Tribunal also held that financial creditors could reconsider earlier votes before final approval because the Code did not prohibit a change of mind, the earlier reconsideration order was not challenged, and the revised voting share met the requisite majority. As the plan complied with section 30(2), approval under section 31(1) was granted and the plan became binding on stakeholders. Case-Laws Insolvency and Bankruptcy Wed, 18 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360993