https://www.taxtmi.com/caselaws?id=431864 The Tribunal set aside the Adjudicating Authority's directive for a second motion notice under Section 230(5) of the Companies Act, 2013, given the 100% approval of the scheme by the sole Financial Creditor, Small Industries Development Bank of India (SIDBI). The Tribunal instructed the Adjudicating Authority to consider dispensing with the second motion notice in accordance with Section 230(9), which permits such dispensation if at least ninety percent in value of creditors consent to the scheme. Consequently, the Appeal was disposed of, aligning with the Financial Creditor's approval. en-us Thu, 22 Dec 2022 00:00:00 +0530 Fri, 23 Dec 2022 09:19:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431864 The Tribunal set aside the Adjudicating Authority's directive for a second motion notice under Section 230(5) of the Companies Act, 2013, given the 100% approval of the scheme by the sole Financial Creditor, Small Industries Development Bank of India (SIDBI). The Tribunal instructed the Adjudicating Authority to consider dispensing with the second motion notice in accordance with Section 230(9), which permits such dispensation if at least ninety percent in value of creditors consent to the scheme. Consequently, the Appeal was disposed of, aligning with the Financial Creditor's approval. Case-Laws Law of Competition Thu, 22 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431864