https://www.taxtmi.com/caselaws?id=441637 The National Company Law Tribunal (NCLT) upheld the extension of the Corporate Insolvency Resolution Process (CIRP) period for 90 days for re-publication of Form-G to maximize the value of the Corporate Debtor's assets. The Tribunal supported the Committee of Creditors' decision based on a higher bid received, dismissing the Appellant's arguments against the extension. Additionally, the rejection of the Appellant's revised Resolution Plan was deemed valid as the CoC had the authority to seek higher bids and re-publish Form-G. The Appellant's claim of breach of confidentiality by the Resolution Professional was dismissed for lack of merit, and the Tribunal affirmed the NCLT's decisions. en-us Tue, 08 Aug 2023 00:00:00 +0530 Sat, 12 Aug 2023 11:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441637 The National Company Law Tribunal (NCLT) upheld the extension of the Corporate Insolvency Resolution Process (CIRP) period for 90 days for re-publication of Form-G to maximize the value of the Corporate Debtor's assets. The Tribunal supported the Committee of Creditors' decision based on a higher bid received, dismissing the Appellant's arguments against the extension. Additionally, the rejection of the Appellant's revised Resolution Plan was deemed valid as the CoC had the authority to seek higher bids and re-publish Form-G. The Appellant's claim of breach of confidentiality by the Resolution Professional was dismissed for lack of merit, and the Tribunal affirmed the NCLT's decisions. Case-Laws Insolvency and Bankruptcy Tue, 08 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441637