https://www.taxtmi.com/caselaws?id=448186 The NCLAT Chennai dismissed an appeal by a suspended director challenging approval of a resolution plan valued below liquidation value. The tribunal held that Federal Bank's debt transferee Edelweiss had no grievance regarding Committee of Creditors constitution as they failed to file claims despite public announcement. The suspended director lacked locus standi to challenge the approved plan, as promoters/shareholders cannot contest resolution plans post-approval. The tribunal upheld the CoC's commercial wisdom in approving the plan below liquidation value, noting the Code doesn't mandate resolution plans exceed liquidation value. An operational creditor's voluntary acceptance of lower payment negated discrimination claims. en-us Wed, 10 Jan 2024 00:00:00 +0530 Sat, 13 Jan 2024 12:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448186 The NCLAT Chennai dismissed an appeal by a suspended director challenging approval of a resolution plan valued below liquidation value. The tribunal held that Federal Bank's debt transferee Edelweiss had no grievance regarding Committee of Creditors constitution as they failed to file claims despite public announcement. The suspended director lacked locus standi to challenge the approved plan, as promoters/shareholders cannot contest resolution plans post-approval. The tribunal upheld the CoC's commercial wisdom in approving the plan below liquidation value, noting the Code doesn't mandate resolution plans exceed liquidation value. An operational creditor's voluntary acceptance of lower payment negated discrimination claims. Case-Laws Insolvency and Bankruptcy Wed, 10 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448186