https://www.taxtmi.com/caselaws?id=288560 The Tribunal approved the resolution plan submitted by Mr. Sarang S. Kale, recommended by the Committee of Creditors. The Memorandum of Association and Articles of Association were amended as proposed, leading to the cessation of the moratorium order. The plan involved an initial investment of &8377;45 crores, ensuring no creditor loss. Post-investment, the Resolution Applicant acquired 100% equity share capital. Disputed creditors' amounts were to be settled based on legal outcomes, and statutory dues in a staggered manner. Share capital restructuring was permitted without shareholder approval. The Resolution Applicant addressed financial credibility issues, adhered to IBC 2016 Section 53, and concluded the resolution process with specified modifications. en-us Mon, 17 Sep 2018 00:00:00 +0530 Wed, 17 Jun 2020 02:42:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288560 The Tribunal approved the resolution plan submitted by Mr. Sarang S. Kale, recommended by the Committee of Creditors. The Memorandum of Association and Articles of Association were amended as proposed, leading to the cessation of the moratorium order. The plan involved an initial investment of &8377;45 crores, ensuring no creditor loss. Post-investment, the Resolution Applicant acquired 100% equity share capital. Disputed creditors' amounts were to be settled based on legal outcomes, and statutory dues in a staggered manner. Share capital restructuring was permitted without shareholder approval. The Resolution Applicant addressed financial credibility issues, adhered to IBC 2016 Section 53, and concluded the resolution process with specified modifications. Case-Laws Insolvency and Bankruptcy Mon, 17 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288560