https://www.taxtmi.com/caselaws?id=447939 The NCLAT dismissed an appeal challenging the approval of a resolution plan. The appellant sought additional time to study modifications to the resolution plan, but the tribunal found no procedural breach or manifest error warranting delay. The modifications were communicated before the CoC meeting and primarily affected home-buyers, not the appellant. The RP provided extended voting time (72 hours vs 24 hours) for financial creditors. The tribunal emphasized that unwarranted delays deplete corporate debtor assets and frustrate CIRP objectives. With the resolution plan approved by over 66% CoC vote share and no Section 30(2) IBC non-compliance found, the adjudicating authority's approval was upheld. en-us Wed, 03 Jan 2024 00:00:00 +0530 Mon, 08 Jan 2024 10:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447939 The NCLAT dismissed an appeal challenging the approval of a resolution plan. The appellant sought additional time to study modifications to the resolution plan, but the tribunal found no procedural breach or manifest error warranting delay. The modifications were communicated before the CoC meeting and primarily affected home-buyers, not the appellant. The RP provided extended voting time (72 hours vs 24 hours) for financial creditors. The tribunal emphasized that unwarranted delays deplete corporate debtor assets and frustrate CIRP objectives. With the resolution plan approved by over 66% CoC vote share and no Section 30(2) IBC non-compliance found, the adjudicating authority's approval was upheld. Case-Laws Insolvency and Bankruptcy Wed, 03 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447939