https://www.taxtmi.com/caselaws?id=401634 The NCLT approved the Resolution Plan for M/s. Gopala Polyplast Ltd., submitted by Plastene India Ltd., with 91.28% CoC approval, under Section 30(6) of the IB Code. The Plan complies with Regulation 38 requirements, including CIRP costs and creditor payments. The Tribunal upheld the CoC's commercial wisdom, allowing the Plan's immediate implementation, subject to statutory approvals. The Resolution Applicant may seek necessary concessions from relevant authorities, without automatic waivers of pending legal proceedings. The RP is instructed to submit all records to the IBBI. Application IA 178 of 2020 is granted as per these directives. en-us Fri, 07 Aug 2020 00:00:00 +0530 Tue, 05 Nov 2024 10:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401634 The NCLT approved the Resolution Plan for M/s. Gopala Polyplast Ltd., submitted by Plastene India Ltd., with 91.28% CoC approval, under Section 30(6) of the IB Code. The Plan complies with Regulation 38 requirements, including CIRP costs and creditor payments. The Tribunal upheld the CoC's commercial wisdom, allowing the Plan's immediate implementation, subject to statutory approvals. The Resolution Applicant may seek necessary concessions from relevant authorities, without automatic waivers of pending legal proceedings. The RP is instructed to submit all records to the IBBI. Application IA 178 of 2020 is granted as per these directives. Case-Laws IBC Fri, 07 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401634