https://www.taxtmi.com/caselaws?id=362026 In insolvency resolution, the note states that process documents and internal evaluation mechanisms cannot be used to defeat the Code's objective of value maximisation and fair stakeholder treatment. It highlights that the resolution professional must act independently and transparently, with restraint in incurring costs, proper participation of suspended board representatives where required, and lawful verification and consideration of operational creditor claims. It also states that a revised higher offer made before completion of CIRP and before final approval should not be rejected on merely technical grounds. The resolution plan, as described, was considered defective for discriminatory treatment of similarly placed unsecured financial creditors and inadequate treatment of operational creditors, requiring reconsideration of competing offers and creditor distribution. en-us Wed, 02 May 2018 00:00:00 +0530 Mon, 18 Jun 2018 18:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362026 In insolvency resolution, the note states that process documents and internal evaluation mechanisms cannot be used to defeat the Code's objective of value maximisation and fair stakeholder treatment. It highlights that the resolution professional must act independently and transparently, with restraint in incurring costs, proper participation of suspended board representatives where required, and lawful verification and consideration of operational creditor claims. It also states that a revised higher offer made before completion of CIRP and before final approval should not be rejected on merely technical grounds. The resolution plan, as described, was considered defective for discriminatory treatment of similarly placed unsecured financial creditors and inadequate treatment of operational creditors, requiring reconsideration of competing offers and creditor distribution. Case-Laws Insolvency and Bankruptcy Wed, 02 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362026