https://www.taxtmi.com/caselaws?id=380905 The Tribunal found the Resolution Plan submitted by 'M/s. Maharashtra Seamless Ltd.' non-compliant with the Insolvency and Bankruptcy Code, particularly in the treatment of Operational Creditors and the discrepancy in the liquidation value. The Tribunal directed the company to increase the upfront payment to align with the liquidation value and take possession of the Corporate Debtor's assets until modifications were made. Failure to amend the plan within 30 days would result in setting aside the approval, with further orders from the Adjudicating Authority. The appeals were disposed of without costs. en-us Mon, 08 Apr 2019 00:00:00 +0530 Wed, 29 May 2019 18:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380905 The Tribunal found the Resolution Plan submitted by 'M/s. Maharashtra Seamless Ltd.' non-compliant with the Insolvency and Bankruptcy Code, particularly in the treatment of Operational Creditors and the discrepancy in the liquidation value. The Tribunal directed the company to increase the upfront payment to align with the liquidation value and take possession of the Corporate Debtor's assets until modifications were made. Failure to amend the plan within 30 days would result in setting aside the approval, with further orders from the Adjudicating Authority. The appeals were disposed of without costs. Case-Laws Insolvency and Bankruptcy Mon, 08 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380905