https://www.taxtmi.com/caselaws?id=444873 The NCLAT Chennai dismissed an appeal challenging the rejection of an intervention application regarding a resolution plan. The appellant claimed a vested right to submit a resolution plan without filing pursuant to Form G, despite attending CoC meetings where plan details were discussed. The tribunal held no vested right exists without proper procedural compliance. Citing Maharashtra Seamless Limited v. Padmanabhan Venkatesh, the court rejected arguments that bid value must match liquidation value. Since the resolution plan was already implemented, the tribunal found no illegality in the adjudicating authority's dismissal order. en-us Fri, 20 Oct 2023 00:00:00 +0530 Wed, 25 Oct 2023 10:05:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444873 The NCLAT Chennai dismissed an appeal challenging the rejection of an intervention application regarding a resolution plan. The appellant claimed a vested right to submit a resolution plan without filing pursuant to Form G, despite attending CoC meetings where plan details were discussed. The tribunal held no vested right exists without proper procedural compliance. Citing Maharashtra Seamless Limited v. Padmanabhan Venkatesh, the court rejected arguments that bid value must match liquidation value. Since the resolution plan was already implemented, the tribunal found no illegality in the adjudicating authority's dismissal order. Case-Laws Insolvency and Bankruptcy Fri, 20 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444873