https://www.taxtmi.com/caselaws?id=411008 The Appellate Tribunal upheld the rejection of the Resolution Plan by the Committee of Creditors (CoC) for the Corporate Debtor, citing reasons such as conditional terms, lack of financial capability, and failure to meet format requirements. Despite offering a higher amount, the Tribunal found no grounds to interfere with the CoC's decision based on commercial considerations. The Appellant's application seeking to present the Resolution Plan before the CoC was rendered infructuous due to the liquidation order being passed before a decision could be made. The Appeal was dismissed in line with the principles outlined in a Supreme Court judgment, emphasizing that Resolution Applicants do not have an inherent right to plan approval. en-us Thu, 12 Aug 2021 00:00:00 +0530 Sat, 14 Aug 2021 09:28:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411008 The Appellate Tribunal upheld the rejection of the Resolution Plan by the Committee of Creditors (CoC) for the Corporate Debtor, citing reasons such as conditional terms, lack of financial capability, and failure to meet format requirements. Despite offering a higher amount, the Tribunal found no grounds to interfere with the CoC's decision based on commercial considerations. The Appellant's application seeking to present the Resolution Plan before the CoC was rendered infructuous due to the liquidation order being passed before a decision could be made. The Appeal was dismissed in line with the principles outlined in a Supreme Court judgment, emphasizing that Resolution Applicants do not have an inherent right to plan approval. Case-Laws Insolvency and Bankruptcy Thu, 12 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411008