https://www.taxtmi.com/caselaws?id=437856 Avoidance proceedings under the insolvency code are treated as independent from the corporate insolvency resolution process and may continue after completion of resolution and approval of the plan, because their purpose is to preserve the asset pool and prevent unjust enrichment from suspect transactions. Where the approved resolution plan expressly authorises it, the successful resolution applicant may be substituted to pursue pending avoidance applications, and that substitution operates under the binding terms of the plan rather than as an exercise of the resolution professional's statutory powers. Applications filed after plan approval are not barred merely on that ground if they fall within the same avoidance regime contemplated by the plan. en-us Mon, 15 May 2023 00:00:00 +0530 Tue, 16 May 2023 14:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437856 Avoidance proceedings under the insolvency code are treated as independent from the corporate insolvency resolution process and may continue after completion of resolution and approval of the plan, because their purpose is to preserve the asset pool and prevent unjust enrichment from suspect transactions. Where the approved resolution plan expressly authorises it, the successful resolution applicant may be substituted to pursue pending avoidance applications, and that substitution operates under the binding terms of the plan rather than as an exercise of the resolution professional's statutory powers. Applications filed after plan approval are not barred merely on that ground if they fall within the same avoidance regime contemplated by the plan. Case-Laws Insolvency and Bankruptcy Mon, 15 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437856