https://www.taxtmi.com/caselaws?id=397444 The appeal was dismissed as the Adjudicating Authority's rejection of the Resolution Plan was upheld. The Authority found that the Resolution Applicant was ineligible under Section 29A of the I&B Code and that the approved plan did not meet the requirements of Section 30(2). Concerns were raised about the transparency of the Committee of Creditors' decision-making process and the potential for backdoor access to the Corporate Debtor through the restructuring plan. The court emphasized the importance of preventing unscrupulous individuals from gaining control during insolvency proceedings and affirmed the Authority's decision to order liquidation. en-us Mon, 20 Jul 2020 00:00:00 +0530 Sat, 13 Mar 2021 11:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397444 The appeal was dismissed as the Adjudicating Authority's rejection of the Resolution Plan was upheld. The Authority found that the Resolution Applicant was ineligible under Section 29A of the I&B Code and that the approved plan did not meet the requirements of Section 30(2). Concerns were raised about the transparency of the Committee of Creditors' decision-making process and the potential for backdoor access to the Corporate Debtor through the restructuring plan. The court emphasized the importance of preventing unscrupulous individuals from gaining control during insolvency proceedings and affirmed the Authority's decision to order liquidation. Case-Laws Insolvency and Bankruptcy Mon, 20 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397444