https://www.taxtmi.com/caselaws?id=381309 The Tribunal held that the voting shares specified under the Insolvency and Bankruptcy Code (IBC) are mandatory and not directory. It emphasized that each financial creditor must vote individually according to their share, rejecting the notion of class-wise voting within the Committee of Creditors (COC). The Tribunal also clarified that abstaining from voting does not imply support for the majority decision. The case outcome mandated the COC to function as a unified entity without class-wise segmentation for voting, ensuring decisions are based on actual votes cast and not assumptions. en-us Fri, 24 May 2019 00:00:00 +0530 Sat, 08 Jun 2019 07:40:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381309 The Tribunal held that the voting shares specified under the Insolvency and Bankruptcy Code (IBC) are mandatory and not directory. It emphasized that each financial creditor must vote individually according to their share, rejecting the notion of class-wise voting within the Committee of Creditors (COC). The Tribunal also clarified that abstaining from voting does not imply support for the majority decision. The case outcome mandated the COC to function as a unified entity without class-wise segmentation for voting, ensuring decisions are based on actual votes cast and not assumptions. Case-Laws Insolvency and Bankruptcy Fri, 24 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381309