https://www.taxtmi.com/caselaws?id=447391 NCLAT dismissed appeal challenging adjudicating authority's orders regarding aircraft sale proceeds and resolution plan approval. The tribunal held that directing sale proceeds to be deposited in escrow account and distributed per approved resolution plan adequately protected all stakeholders' interests. Court rejected appellant's attempt to recover dues outside resolution plan framework. Sale process for three aircraft with existing letters of intent was properly concluded, while process for remaining two aircraft was directed to be reinitiated. Workmen and employees' PF and gratuity dues remained protected under resolution plan provisions. en-us Fri, 22 Dec 2023 00:00:00 +0530 Mon, 25 Dec 2023 09:24:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447391 NCLAT dismissed appeal challenging adjudicating authority's orders regarding aircraft sale proceeds and resolution plan approval. The tribunal held that directing sale proceeds to be deposited in escrow account and distributed per approved resolution plan adequately protected all stakeholders' interests. Court rejected appellant's attempt to recover dues outside resolution plan framework. Sale process for three aircraft with existing letters of intent was properly concluded, while process for remaining two aircraft was directed to be reinitiated. Workmen and employees' PF and gratuity dues remained protected under resolution plan provisions. Case-Laws Insolvency and Bankruptcy Fri, 22 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447391