https://www.taxtmi.com/caselaws?id=295344 The Tribunal directed the Resolution Professional to present the Appellant/Promoters' proposal to the Committee of Creditors for evaluation under Section 12A of the Insolvency and Bankruptcy Code, emphasizing the need for 90% approval before considering withdrawal of the application under Section 9 or proposed Resolution Plans. The Promoters were deemed eligible to file, and the Resolution Professional was instructed to involve all relevant parties, including Allottees, in the decision-making process. The Committee of Creditors must assess the proposal's viability, with potential Bank Guarantee requirement upon 90% approval, and a prompt decision within three weeks is expected. en-us Wed, 07 Aug 2019 00:00:00 +0530 Mon, 31 May 2021 08:34:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=295344 The Tribunal directed the Resolution Professional to present the Appellant/Promoters' proposal to the Committee of Creditors for evaluation under Section 12A of the Insolvency and Bankruptcy Code, emphasizing the need for 90% approval before considering withdrawal of the application under Section 9 or proposed Resolution Plans. The Promoters were deemed eligible to file, and the Resolution Professional was instructed to involve all relevant parties, including Allottees, in the decision-making process. The Committee of Creditors must assess the proposal's viability, with potential Bank Guarantee requirement upon 90% approval, and a prompt decision within three weeks is expected. Case-Laws Insolvency and Bankruptcy Wed, 07 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=295344