https://www.taxtmi.com/caselaws?id=438931 The insolvency framework was treated as prevailing over inconsistent SARFAESI-based objections, and prior RBI approval was held unnecessary on the facts for a resolution plan involving an asset reconstruction company as co-resolution applicant. The Tribunal noted that a Committee of Creditors-approved plan is ordinarily protected by commercial wisdom unless material irregularity is shown. On that basis, rejection of the plan for want of prior RBI permission was unsustainable, and the consequential liquidation direction could not stand. The matter was remanded for fresh consideration of approval of the resolution plan under the Insolvency Code, with liquidation described as a last resort in the revival process. en-us Mon, 12 Jun 2023 00:00:00 +0530 Tue, 13 Jun 2023 09:11:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438931 The insolvency framework was treated as prevailing over inconsistent SARFAESI-based objections, and prior RBI approval was held unnecessary on the facts for a resolution plan involving an asset reconstruction company as co-resolution applicant. The Tribunal noted that a Committee of Creditors-approved plan is ordinarily protected by commercial wisdom unless material irregularity is shown. On that basis, rejection of the plan for want of prior RBI permission was unsustainable, and the consequential liquidation direction could not stand. The matter was remanded for fresh consideration of approval of the resolution plan under the Insolvency Code, with liquidation described as a last resort in the revival process. Case-Laws Insolvency and Bankruptcy Mon, 12 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438931