https://www.taxtmi.com/caselaws?id=306048 NCLAT dismissed appeal challenging rejection of settlement proposal under Section 12A filed by ex-promoter after Committee of Creditors approved resolution plan. Tribunal held that once CoC approved resolution plan in commercial wisdom, settlement proposal filed two and half years later cannot defer adjudicating authority's consideration of approved plan. Court found no adequate reason to keep resolution plan approval in abeyance, noting ex-promoter's eligibility under Section 29A could not be examined post-approval. Adjudicating authority correctly rejected application without error. en-us Thu, 05 Jan 2023 00:00:00 +0530 Thu, 06 Feb 2025 15:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306048 NCLAT dismissed appeal challenging rejection of settlement proposal under Section 12A filed by ex-promoter after Committee of Creditors approved resolution plan. Tribunal held that once CoC approved resolution plan in commercial wisdom, settlement proposal filed two and half years later cannot defer adjudicating authority's consideration of approved plan. Court found no adequate reason to keep resolution plan approval in abeyance, noting ex-promoter's eligibility under Section 29A could not be examined post-approval. Adjudicating authority correctly rejected application without error. Case-Laws IBC Thu, 05 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306048