https://www.taxtmi.com/caselaws?id=426598 A one-time settlement proposal in insolvency proceedings does not displace a resolution plan unless the proposal is actually accepted and the statutory withdrawal mechanism under section 12A is satisfied. The correspondence showed only a willingness to consider the offer subject to full payment terms and supporting details, not an unconditional acceptance, so no right to withdrawal had crystallised. The committee of creditors also considered the settlement proposal before proceeding with the resolution plan, and that decision fell within its commercial wisdom, which is not ordinarily open to judicial review. The challenge to the settlement-based objection was therefore not accepted. en-us Thu, 18 Aug 2022 00:00:00 +0530 Sat, 20 Aug 2022 16:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426598 A one-time settlement proposal in insolvency proceedings does not displace a resolution plan unless the proposal is actually accepted and the statutory withdrawal mechanism under section 12A is satisfied. The correspondence showed only a willingness to consider the offer subject to full payment terms and supporting details, not an unconditional acceptance, so no right to withdrawal had crystallised. The committee of creditors also considered the settlement proposal before proceeding with the resolution plan, and that decision fell within its commercial wisdom, which is not ordinarily open to judicial review. The challenge to the settlement-based objection was therefore not accepted. Case-Laws Insolvency and Bankruptcy Thu, 18 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426598