https://www.taxtmi.com/caselaws?id=394404 The court approved the Resolution Plan valued at Rs. 25 crore under sections 30 & 31 of the Insolvency & Bankruptcy Code, 2016. The plan involves an infusion of funds by the Resolution Applicant and homebuyers to settle claims for Financial Creditors, including Bank of India, Catholic Syrian Bank, and Dhanalaxmi Bank. Financial Creditors are set to receive 60% of the principal amount, with provisions for Operational Creditors and workmen. Statutory dues of Rs. 14.55 lakh are to be paid by promoter-directors. The plan was approved by the CoC with a voting share of 70.93%, and the Resolution Applicant must provide a Performance Guarantee before implementation. en-us Mon, 23 Dec 2019 00:00:00 +0530 Sat, 11 Apr 2020 10:50:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394404 The court approved the Resolution Plan valued at Rs. 25 crore under sections 30 & 31 of the Insolvency & Bankruptcy Code, 2016. The plan involves an infusion of funds by the Resolution Applicant and homebuyers to settle claims for Financial Creditors, including Bank of India, Catholic Syrian Bank, and Dhanalaxmi Bank. Financial Creditors are set to receive 60% of the principal amount, with provisions for Operational Creditors and workmen. Statutory dues of Rs. 14.55 lakh are to be paid by promoter-directors. The plan was approved by the CoC with a voting share of 70.93%, and the Resolution Applicant must provide a Performance Guarantee before implementation. Case-Laws Insolvency and Bankruptcy Mon, 23 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394404