https://www.taxtmi.com/caselaws?id=296003 The Resolution Plan of Formation Textiles LLC was approved by the CoC with an 80.92% voting share under Sections 30(6) and 31(1) of the Insolvency & Bankruptcy Code, 2016. The plan was found compliant with Section 30(2) of the IBC and CIRP Regulations, ensuring payments to Financial Creditors and Operational Creditors. Axis Bank, a dissenting secured Financial Creditor, was granted priority payment from the sale proceeds of the Baramati land. Non-compliant clauses in the plan were directed to be deleted, and additional directions were given for various compliance issues. The Resolution Plan was approved with modifications, binding on the Corporate Debtor and stakeholders. en-us Fri, 30 Nov 2018 00:00:00 +0530 Wed, 30 Jun 2021 08:19:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296003 The Resolution Plan of Formation Textiles LLC was approved by the CoC with an 80.92% voting share under Sections 30(6) and 31(1) of the Insolvency & Bankruptcy Code, 2016. The plan was found compliant with Section 30(2) of the IBC and CIRP Regulations, ensuring payments to Financial Creditors and Operational Creditors. Axis Bank, a dissenting secured Financial Creditor, was granted priority payment from the sale proceeds of the Baramati land. Non-compliant clauses in the plan were directed to be deleted, and additional directions were given for various compliance issues. The Resolution Plan was approved with modifications, binding on the Corporate Debtor and stakeholders. Case-Laws Insolvency and Bankruptcy Fri, 30 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296003