https://www.taxtmi.com/caselaws?id=407012 A resolution plan approved by the Committee of Creditors was found to satisfy the Insolvency and Bankruptcy Code and CIRP Regulations because it provided for priority payment of insolvency resolution process costs, treatment of operational and financial creditors, management and implementation arrangements, supervision of implementation, and conformity with the statutory framework. The Tribunal reiterated that scrutiny under Section 31 is limited to compliance with Section 30(2), that it cannot replace the Committee of Creditors' commercial assessment, and that a sanctioned plan operates on a fresh slate and binds all stakeholders. The plan was therefore liable to be approved. en-us Fri, 16 Apr 2021 00:00:00 +0530 Sat, 26 Oct 2024 18:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407012 A resolution plan approved by the Committee of Creditors was found to satisfy the Insolvency and Bankruptcy Code and CIRP Regulations because it provided for priority payment of insolvency resolution process costs, treatment of operational and financial creditors, management and implementation arrangements, supervision of implementation, and conformity with the statutory framework. The Tribunal reiterated that scrutiny under Section 31 is limited to compliance with Section 30(2), that it cannot replace the Committee of Creditors' commercial assessment, and that a sanctioned plan operates on a fresh slate and binds all stakeholders. The plan was therefore liable to be approved. Case-Laws IBC Fri, 16 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407012