https://www.taxtmi.com/caselaws?id=401095 The High Court held that NCLT lacks jurisdiction to entertain avoidance applications under Section 43 of the IBC post-approval of the Resolution Plan. It clarified the RP's limited role post-approval and emphasized timely filing of avoidance applications before plan approval. The court highlighted that benefits of avoidance applications are for creditors pre-approval and cannot be claimed by the new management. The writ petition was deemed maintainable due to jurisdictional concerns, leading to the quashing of proceedings against the Petitioner and disposal of pending applications. en-us Thu, 26 Nov 2020 00:00:00 +0530 Tue, 02 Mar 2021 12:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401095 The High Court held that NCLT lacks jurisdiction to entertain avoidance applications under Section 43 of the IBC post-approval of the Resolution Plan. It clarified the RP's limited role post-approval and emphasized timely filing of avoidance applications before plan approval. The court highlighted that benefits of avoidance applications are for creditors pre-approval and cannot be claimed by the new management. The writ petition was deemed maintainable due to jurisdictional concerns, leading to the quashing of proceedings against the Petitioner and disposal of pending applications. Case-Laws Insolvency and Bankruptcy Thu, 26 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401095