https://www.taxtmi.com/caselaws?id=311975 NCLAT Principal Bench dismissed an appeal challenging approval of a conditional resolution plan. The tribunal held that conditions allowing the resolution applicant to seek modifications or withdraw the plan were unenforceable per Supreme Court precedent in Ebix Singapore. The plan had been implemented with all necessary approvals including NHAI consent, which was a condition precedent under the concession agreement. The court found no merit in appellant's arguments that mandatory requirements under Regulation 38(3) were not satisfied, noting the plan adequately detailed causes of default. Since the resolution applicant never sought withdrawal and the plan was successfully implemented, the tribunal found no grounds to interfere with the approval order. en-us Thu, 25 May 2023 00:00:00 +0530 Wed, 24 Jan 2024 19:05:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311975 NCLAT Principal Bench dismissed an appeal challenging approval of a conditional resolution plan. The tribunal held that conditions allowing the resolution applicant to seek modifications or withdraw the plan were unenforceable per Supreme Court precedent in Ebix Singapore. The plan had been implemented with all necessary approvals including NHAI consent, which was a condition precedent under the concession agreement. The court found no merit in appellant's arguments that mandatory requirements under Regulation 38(3) were not satisfied, noting the plan adequately detailed causes of default. Since the resolution applicant never sought withdrawal and the plan was successfully implemented, the tribunal found no grounds to interfere with the approval order. Case-Laws Insolvency and Bankruptcy Thu, 25 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311975