https://www.taxtmi.com/caselaws?id=445376 NCLAT Principal Bench dismissed appeal challenging resolution plan rejection. Appellant sought to invoke promissory estoppel doctrine against resolution applicant after resolution professional admitted claim for 10 flats. Tribunal held that promissory estoppel cannot be applied against resolution applicant who submits plan based on information memorandum and creditor lists. Resolution applicant made no promise to accept all creditor claims in totality. Resolution plan complied with Section 30(2) IBC and CIRP Regulations 2016 requirements. Committee of creditors approved plan in commercial wisdom. Adjudicating authority correctly rejected appellant's objections to resolution plan. en-us Thu, 02 Nov 2023 00:00:00 +0530 Mon, 06 Nov 2023 16:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445376 NCLAT Principal Bench dismissed appeal challenging resolution plan rejection. Appellant sought to invoke promissory estoppel doctrine against resolution applicant after resolution professional admitted claim for 10 flats. Tribunal held that promissory estoppel cannot be applied against resolution applicant who submits plan based on information memorandum and creditor lists. Resolution applicant made no promise to accept all creditor claims in totality. Resolution plan complied with Section 30(2) IBC and CIRP Regulations 2016 requirements. Committee of creditors approved plan in commercial wisdom. Adjudicating authority correctly rejected appellant's objections to resolution plan. Case-Laws Insolvency and Bankruptcy Thu, 02 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445376