https://www.taxtmi.com/caselaws?id=408944 The NCLT approved the Resolution Plan submitted by the consortium of Dr. Bharat Agrawal and M/s Theta Labs Pvt. Ltd., finding it compliant with the Insolvency and Bankruptcy Code and CIRP Regulations. The Plan, amounting to Rs. 1283.39 lakh, prioritizes CIRP costs and Operational Creditors, and includes performance security provisions. Management post-approval will be overseen by a Monitoring Agency. The Tribunal granted reliefs, concessions, and waivers to the Successful Resolution Applicant, ensuring a "fresh slate" as per the Supreme Court's guidance. The moratorium ceased, and the Applicant must supervise implementation and report to the IBBI, with necessary amendments to corporate governance documents ordered. en-us Mon, 14 Jun 2021 00:00:00 +0530 Sat, 26 Oct 2024 16:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408944 The NCLT approved the Resolution Plan submitted by the consortium of Dr. Bharat Agrawal and M/s Theta Labs Pvt. Ltd., finding it compliant with the Insolvency and Bankruptcy Code and CIRP Regulations. The Plan, amounting to Rs. 1283.39 lakh, prioritizes CIRP costs and Operational Creditors, and includes performance security provisions. Management post-approval will be overseen by a Monitoring Agency. The Tribunal granted reliefs, concessions, and waivers to the Successful Resolution Applicant, ensuring a "fresh slate" as per the Supreme Court's guidance. The moratorium ceased, and the Applicant must supervise implementation and report to the IBBI, with necessary amendments to corporate governance documents ordered. Case-Laws IBC Mon, 14 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408944