https://www.taxtmi.com/caselaws?id=415090 The Adjudicating Authority dismissed both Appeals challenging the rejection of the Appellant's Resolution Plan and the approval of 'Kals Distilleries Private Limited's' plan. The rejection was upheld due to lack of votes even without alleged colluding member participation. 'Kals Distilleries Private Limited's' plan approval was based on compliance with the Insolvency and Bankruptcy Code, 2016, and commercial wisdom of the CoC. Allegations of collusion lacked substantial evidence. The Authority emphasized the importance of CoC's decisions and upheld their rejection as a valid business decision. en-us Wed, 24 Nov 2021 00:00:00 +0530 Wed, 24 Nov 2021 17:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415090 The Adjudicating Authority dismissed both Appeals challenging the rejection of the Appellant's Resolution Plan and the approval of 'Kals Distilleries Private Limited's' plan. The rejection was upheld due to lack of votes even without alleged colluding member participation. 'Kals Distilleries Private Limited's' plan approval was based on compliance with the Insolvency and Bankruptcy Code, 2016, and commercial wisdom of the CoC. Allegations of collusion lacked substantial evidence. The Authority emphasized the importance of CoC's decisions and upheld their rejection as a valid business decision. Case-Laws Insolvency and Bankruptcy Wed, 24 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415090