https://www.taxtmi.com/caselaws?id=441022 The Tribunal approved the Resolution Plan submitted by Square Four Housing and Infrastructure Development Pvt Ltd, dismissing the appeals of suspended directors and a tenant. The lease agreements were deemed fraudulent and undervalued, leading to the direction to vacate the land. Changes in business nature were deemed permissible under regulations due to the dilapidated state of the factory. Suspended directors were held to lack standing to challenge the plan approval. The Tribunal upheld the CoC's commercial wisdom in approving the plan, dismissing both appeals and ordering an inquiry into the fraudulent lease agreements. en-us Mon, 24 Jul 2023 00:00:00 +0530 Mon, 31 Jul 2023 12:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441022 The Tribunal approved the Resolution Plan submitted by Square Four Housing and Infrastructure Development Pvt Ltd, dismissing the appeals of suspended directors and a tenant. The lease agreements were deemed fraudulent and undervalued, leading to the direction to vacate the land. Changes in business nature were deemed permissible under regulations due to the dilapidated state of the factory. Suspended directors were held to lack standing to challenge the plan approval. The Tribunal upheld the CoC's commercial wisdom in approving the plan, dismissing both appeals and ordering an inquiry into the fraudulent lease agreements. Case-Laws Insolvency and Bankruptcy Mon, 24 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441022