https://www.taxtmi.com/caselaws?id=439676 The Tribunal held that shareholders do not have the locus standi to challenge the Resolution Plan in the Corporate Insolvency Resolution Process (CIRP) and can only do so in the liquidation process. The Tribunal upheld the approval of the Resolution Plan, emphasizing the commercial wisdom of the Committee of Creditors (CoC). The request for a forensic audit was rejected, noting the CoC's decision. No material irregularity was found in the conduct of the Resolution Professional. The Tribunal confirmed the Admission Order of CIRP and dismissed the appeal regarding related party transactions. Both appeals were dismissed, and the Resolution Plan approval was upheld. en-us Tue, 13 Jun 2023 00:00:00 +0530 Fri, 30 Jun 2023 09:34:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439676 The Tribunal held that shareholders do not have the locus standi to challenge the Resolution Plan in the Corporate Insolvency Resolution Process (CIRP) and can only do so in the liquidation process. The Tribunal upheld the approval of the Resolution Plan, emphasizing the commercial wisdom of the Committee of Creditors (CoC). The request for a forensic audit was rejected, noting the CoC's decision. No material irregularity was found in the conduct of the Resolution Professional. The Tribunal confirmed the Admission Order of CIRP and dismissed the appeal regarding related party transactions. Both appeals were dismissed, and the Resolution Plan approval was upheld. Case-Laws Insolvency and Bankruptcy Tue, 13 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439676