https://www.taxtmi.com/caselaws?id=447275 The NCLAT held that the resolution plan's classification of employee payments based on dues up to Rs.10 lakhs versus higher amounts was not discriminatory and fell within the CoC's commercial wisdom, as it did not violate Section 30(2) of the Code. The tribunal set aside the adjudicating authority's direction for CoC to redetermine CIRP costs after plan approval, ruling that no further CoC approval was required since the resolution professional had properly determined costs through audited reports. However, the direction to withhold CIRP cost payments pending avoidance application outcomes was upheld as valid. The appeal was allowed in part. en-us Tue, 19 Dec 2023 00:00:00 +0530 Fri, 22 Dec 2023 09:41:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447275 The NCLAT held that the resolution plan's classification of employee payments based on dues up to Rs.10 lakhs versus higher amounts was not discriminatory and fell within the CoC's commercial wisdom, as it did not violate Section 30(2) of the Code. The tribunal set aside the adjudicating authority's direction for CoC to redetermine CIRP costs after plan approval, ruling that no further CoC approval was required since the resolution professional had properly determined costs through audited reports. However, the direction to withhold CIRP cost payments pending avoidance application outcomes was upheld as valid. The appeal was allowed in part. Case-Laws Insolvency and Bankruptcy Tue, 19 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447275