https://www.taxtmi.com/caselaws?id=311533 The NCLT Chandigarh approved a resolution plan submitted by three applicants under Section 30(4) of the Insolvency and Bankruptcy Code. The plan included a 48-month implementation schedule with payments to various creditors and a performance guarantee of Rs. 1.5 crores through term deposit. The tribunal found the plan compliant with Section 31(1) requirements for effective implementation, with Resolution Professional supervision throughout. The approved plan became binding on all stakeholders including the corporate debtor, creditors, and government authorities. The moratorium order under Section 14 ceased effect, and the Resolution Professional was directed to forward all CIRP records to the Board's database. en-us Wed, 18 Mar 2020 00:00:00 +0530 Sat, 30 Dec 2023 19:46:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311533 The NCLT Chandigarh approved a resolution plan submitted by three applicants under Section 30(4) of the Insolvency and Bankruptcy Code. The plan included a 48-month implementation schedule with payments to various creditors and a performance guarantee of Rs. 1.5 crores through term deposit. The tribunal found the plan compliant with Section 31(1) requirements for effective implementation, with Resolution Professional supervision throughout. The approved plan became binding on all stakeholders including the corporate debtor, creditors, and government authorities. The moratorium order under Section 14 ceased effect, and the Resolution Professional was directed to forward all CIRP records to the Board's database. Case-Laws Companies Law Wed, 18 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311533