https://www.taxtmi.com/caselaws?id=441022 Suspended directors had no independent locus to challenge an approved resolution plan after commencement of CIRP, so their appeal on behalf of the corporate debtor was not maintainable. The plan was also not liable to interference merely because it contemplated a change in the corporate debtor's business model and conversion of industrial land for residential or commercial use. A resolution plan may include restructuring measures, asset transfers, amendments to constitutional documents, and changes in goods, services or technology where the Committee of Creditors, acting in its commercial wisdom, approves a viable restructuring and the plan does not contravene the Insolvency and Bankruptcy Code. On that basis, approval of the plan was sustained. 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 Suspended directors had no independent locus to challenge an approved resolution plan after commencement of CIRP, so their appeal on behalf of the corporate debtor was not maintainable. The plan was also not liable to interference merely because it contemplated a change in the corporate debtor's business model and conversion of industrial land for residential or commercial use. A resolution plan may include restructuring measures, asset transfers, amendments to constitutional documents, and changes in goods, services or technology where the Committee of Creditors, acting in its commercial wisdom, approves a viable restructuring and the plan does not contravene the Insolvency and Bankruptcy Code. On that basis, approval of the plan was sustained. Case-Laws Insolvency and Bankruptcy Mon, 24 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441022