https://www.taxtmi.com/caselaws?id=425936 The Tribunal dismissed the application seeking refund and release of funds by the Committee of Creditors (CoC) to the Applicant, an investment vehicle not party to the Corporate Insolvency Resolution Process (CIRP). The CoC decided on liquidation for one company due to lack of viable Resolution Plan, while a belated plan was rejected post-CIRP. A settlement amount was offered by another entity, leading to Memorandums of Understanding (MOUs) with stipulations. The Tribunal found the Applicant's demand for refund collusive and lacking merit, dismissing the application and imposing costs. en-us Tue, 26 Jul 2022 00:00:00 +0530 Thu, 04 Aug 2022 08:33:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425936 The Tribunal dismissed the application seeking refund and release of funds by the Committee of Creditors (CoC) to the Applicant, an investment vehicle not party to the Corporate Insolvency Resolution Process (CIRP). The CoC decided on liquidation for one company due to lack of viable Resolution Plan, while a belated plan was rejected post-CIRP. A settlement amount was offered by another entity, leading to Memorandums of Understanding (MOUs) with stipulations. The Tribunal found the Applicant's demand for refund collusive and lacking merit, dismissing the application and imposing costs. Case-Laws Insolvency and Bankruptcy Tue, 26 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425936