https://www.taxtmi.com/caselaws?id=307065 The NCLT approved the Resolution Plan of Ramsarup Industries Ltd., backed by 74.41% of the CoC's voting share. The decision, binding on various stakeholders, was made under Section 31 of the Insolvency and Bankruptcy Code, 2016, with a specific modification regarding WBIDCL's security expenses. The NCLAT affirmed the NCLT's order, noting no substantial legal challenges. The appeal was dismissed, upholding the Resolution Plan's approval and emphasizing the CoC's authority in decision-making. The judgment underscored the plan's enforceability and the judicial support for CoC decisions. en-us Tue, 04 May 2021 00:00:00 +0530 Wed, 15 Mar 2023 21:07:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307065 The NCLT approved the Resolution Plan of Ramsarup Industries Ltd., backed by 74.41% of the CoC's voting share. The decision, binding on various stakeholders, was made under Section 31 of the Insolvency and Bankruptcy Code, 2016, with a specific modification regarding WBIDCL's security expenses. The NCLAT affirmed the NCLT's order, noting no substantial legal challenges. The appeal was dismissed, upholding the Resolution Plan's approval and emphasizing the CoC's authority in decision-making. The judgment underscored the plan's enforceability and the judicial support for CoC decisions. Case-Laws Insolvency and Bankruptcy Tue, 04 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307065