https://www.taxtmi.com/caselaws?id=291502 The shareholder, challenging the Resolution Professional under IBC for lack of transparency in the approval process of a revised Resolution Plan, raised concerns about preferential treatment to MCGM. The Resolution Professional considered objections from the suspended Board of Directors, and the CoC reaffirmed the Resolution Plan's approval. The Adjudicating Authority emphasized challenging approved plans before higher courts, highlighting the Applicant's lack of standing for certain reliefs. The judgment deemed the Applicant's prayers irrelevant as information was shared through nominee directors, finding no merit in the claims and disposing of the application. en-us Fri, 26 Jul 2019 00:00:00 +0530 Fri, 13 Nov 2020 06:51:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291502 The shareholder, challenging the Resolution Professional under IBC for lack of transparency in the approval process of a revised Resolution Plan, raised concerns about preferential treatment to MCGM. The Resolution Professional considered objections from the suspended Board of Directors, and the CoC reaffirmed the Resolution Plan's approval. The Adjudicating Authority emphasized challenging approved plans before higher courts, highlighting the Applicant's lack of standing for certain reliefs. The judgment deemed the Applicant's prayers irrelevant as information was shared through nominee directors, finding no merit in the claims and disposing of the application. Case-Laws Insolvency and Bankruptcy Fri, 26 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291502