https://www.taxtmi.com/caselaws?id=296175 The resolution plan submitted by Dera Finvest P. Ltd. was approved by a 98.72% majority of the Committee of Creditors (CoC). The plan complied with the Insolvency and Bankruptcy Code, including Section 29A eligibility criteria and Section 30(2) provisions. Objections raised by the erstwhile promoters and directors were dismissed, as they challenged the CoC's commercial wisdom. An intervention application by Chhattisgarh Distilleries Ltd. offering a higher amount was rejected. The resolution plan was approved with modifications, ceasing the moratorium order and directing the transfer of shares. Implementation and supervision were outlined in detail, with records to be forwarded to the Insolvency and Bankruptcy Board of India (IBBI). en-us Mon, 08 Apr 2019 00:00:00 +0530 Thu, 08 Jul 2021 08:44:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296175 The resolution plan submitted by Dera Finvest P. Ltd. was approved by a 98.72% majority of the Committee of Creditors (CoC). The plan complied with the Insolvency and Bankruptcy Code, including Section 29A eligibility criteria and Section 30(2) provisions. Objections raised by the erstwhile promoters and directors were dismissed, as they challenged the CoC's commercial wisdom. An intervention application by Chhattisgarh Distilleries Ltd. offering a higher amount was rejected. The resolution plan was approved with modifications, ceasing the moratorium order and directing the transfer of shares. Implementation and supervision were outlined in detail, with records to be forwarded to the Insolvency and Bankruptcy Board of India (IBBI). Case-Laws Insolvency and Bankruptcy Mon, 08 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296175