https://www.taxtmi.com/caselaws?id=304789 The Appellate Tribunal concluded that the provision in the Resolution Plan allowing the Resolution Applicant to appropriate recoveries from avoidance applications filed under Section 66 of the Insolvency and Bankruptcy Code was deemed illegal. The Tribunal held that such recoveries should benefit the creditors of the Corporate Debtor and not the Resolution Applicant. Consequently, the Tribunal set aside the term in the Resolution Plan permitting the Successful Resolution Applicant to appropriate such recoveries and directed reconsideration of the Resolution Plan by the Committee of Creditors on this issue. en-us Thu, 27 Jan 2022 00:00:00 +0530 Thu, 27 Oct 2022 07:48:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304789 The Appellate Tribunal concluded that the provision in the Resolution Plan allowing the Resolution Applicant to appropriate recoveries from avoidance applications filed under Section 66 of the Insolvency and Bankruptcy Code was deemed illegal. The Tribunal held that such recoveries should benefit the creditors of the Corporate Debtor and not the Resolution Applicant. Consequently, the Tribunal set aside the term in the Resolution Plan permitting the Successful Resolution Applicant to appropriate such recoveries and directed reconsideration of the Resolution Plan by the Committee of Creditors on this issue. Case-Laws Insolvency and Bankruptcy Thu, 27 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304789