https://www.taxtmi.com/caselaws?id=388595 The Supreme Court held that the resolution plan, approved by the NCLT and NCLAT, could not override the statutory rights of the Municipal Corporation of Greater Mumbai (MCGM) under the Mumbai Municipal Corporation Act. The Court emphasized that the plan's provisions affecting MCGM's assets required compliance with the MMC Act, particularly Section 92. As MCGM's objections were raised late and its submissions did not override statutory requirements, the Court invalidated the resolution plan to the extent it impacted MCGM's properties without proper approval, setting aside the NCLT and NCLAT orders. en-us Fri, 15 Nov 2019 00:00:00 +0530 Wed, 16 Feb 2022 16:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388595 The Supreme Court held that the resolution plan, approved by the NCLT and NCLAT, could not override the statutory rights of the Municipal Corporation of Greater Mumbai (MCGM) under the Mumbai Municipal Corporation Act. The Court emphasized that the plan's provisions affecting MCGM's assets required compliance with the MMC Act, particularly Section 92. As MCGM's objections were raised late and its submissions did not override statutory requirements, the Court invalidated the resolution plan to the extent it impacted MCGM's properties without proper approval, setting aside the NCLT and NCLAT orders. Case-Laws Insolvency and Bankruptcy Fri, 15 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388595