https://www.taxtmi.com/caselaws?id=444778 The NCLAT dismissed an appeal challenging a resolution plan approved by the Committee of Creditors. Home buyers/creditors contested the reduction of their claims and questioned their ranking in the waterfall mechanism. The tribunal held that the Resolution Professional and Authorized Representative properly discharged their duties by providing opportunities for objections. The court ruled that a resolution plan approved by requisite majority cannot be subject to judicial review and modification. Mere reduction in creditor claims does not render a resolution plan illegal, and haircut clauses do not violate IBC provisions. The appeal was dismissed without merit. en-us Fri, 20 Oct 2023 00:00:00 +0530 Sun, 22 Oct 2023 22:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444778 The NCLAT dismissed an appeal challenging a resolution plan approved by the Committee of Creditors. Home buyers/creditors contested the reduction of their claims and questioned their ranking in the waterfall mechanism. The tribunal held that the Resolution Professional and Authorized Representative properly discharged their duties by providing opportunities for objections. The court ruled that a resolution plan approved by requisite majority cannot be subject to judicial review and modification. Mere reduction in creditor claims does not render a resolution plan illegal, and haircut clauses do not violate IBC provisions. The appeal was dismissed without merit. Case-Laws Insolvency and Bankruptcy Fri, 20 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444778