https://www.taxtmi.com/caselaws?id=375416 The SC upheld NCLAT's rejection of resolution plans where voting share thresholds were not met under the original IBC provisions. The Court held that amendments to Section 30(4) reducing the voting threshold from 75% to 66% could not be applied retrospectively to cases where rights had already crystallized. Despite resolution plans receiving over 66% approval, they failed under the applicable 75% threshold. The Court declined to exercise Article 142 powers to allow retrospective application of amended provisions, ruling that absence of requisite approval within the 270-day statutory period mandated liquidation proceedings under Section 33 of the IBC. en-us Tue, 05 Feb 2019 00:00:00 +0530 Wed, 16 Jul 2025 16:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375416 The SC upheld NCLAT's rejection of resolution plans where voting share thresholds were not met under the original IBC provisions. The Court held that amendments to Section 30(4) reducing the voting threshold from 75% to 66% could not be applied retrospectively to cases where rights had already crystallized. Despite resolution plans receiving over 66% approval, they failed under the applicable 75% threshold. The Court declined to exercise Article 142 powers to allow retrospective application of amended provisions, ruling that absence of requisite approval within the 270-day statutory period mandated liquidation proceedings under Section 33 of the IBC. Case-Laws IBC Tue, 05 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375416