https://www.taxtmi.com/caselaws?id=295325 The National Company Law Appellate Tribunal (NCLAT) ruled in favor of 'Maharashtra Seamless Ltd.' in a case challenging the re-determination of the Liquidation Value before considering their Resolution Plan. The Tribunal emphasized the need for a fair evaluation process, allowing Directors of the Suspended Board to participate in CoC meetings. It highlighted the Adjudicating Authority's discretion to exclude certain periods in the Corporate Insolvency Resolution Process based on justifiable circumstances. The judgment clarified that the Authority must promptly approve or reject resolution plans meeting statutory requirements under Section 31 of the Insolvency and Bankruptcy Code, ensuring a transparent and efficient resolution process. en-us Mon, 12 Nov 2018 00:00:00 +0530 Sat, 29 May 2021 08:28:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=295325 The National Company Law Appellate Tribunal (NCLAT) ruled in favor of 'Maharashtra Seamless Ltd.' in a case challenging the re-determination of the Liquidation Value before considering their Resolution Plan. The Tribunal emphasized the need for a fair evaluation process, allowing Directors of the Suspended Board to participate in CoC meetings. It highlighted the Adjudicating Authority's discretion to exclude certain periods in the Corporate Insolvency Resolution Process based on justifiable circumstances. The judgment clarified that the Authority must promptly approve or reject resolution plans meeting statutory requirements under Section 31 of the Insolvency and Bankruptcy Code, ensuring a transparent and efficient resolution process. Case-Laws Insolvency and Bankruptcy Mon, 12 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=295325