https://www.taxtmi.com/highlights?id=72699 Challenge to resolution plan as approved by the CoC - Merely because there is a reduction in the claim of any creditor does not make the resolution plan fall foul of law. We quite agree with the Adjudicating Authority that “resolution plan providing a lesser amount than admitted does not make it illegal”. Any clause in the resolution plan which requires creditors to take a hair-cut cannot be construed as being violative of Section 30(2)(e) of the IBC. - AT en-us Mon, 23 Oct 2023 08:45:37 +0530 Mon, 23 Oct 2023 08:45:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=72699 Challenge to resolution plan as approved by the CoC - Merely because there is a reduction in the claim of any creditor does not make the resolution plan fall foul of law. We quite agree with the Adjudicating Authority that “resolution plan providing a lesser amount than admitted does not make it illegal”. Any clause in the resolution plan which requires creditors to take a hair-cut cannot be construed as being violative of Section 30(2)(e) of the IBC. - AT Highlights Insolvency and Bankruptcy Mon, 23 Oct 2023 08:45:37 +0530 https://www.taxtmi.com/highlights?id=72699