https://www.taxtmi.com/caselaws?id=449406 NCLAT dismissed appeal challenging Resolution Plan approval in CIRP proceedings. Resolution Professional filed application after no plans received within 180-day period. Flat Buyers Association proposed completing unfinished project with developer assistance. Adjudicating Authority extended CIRP period noting buyers' desire to complete project. Committee of Creditors approved Resolution Plan with 90.45% vote share, with 97% held by flat buyers. Appellant financial creditor dissented but was entitled to liquidation amount under Section 30(2) IBC as per Section 53 priority. NCLAT found no grounds to interfere with approved plan facilitating project completion and corporate debtor resolution. en-us Fri, 09 Feb 2024 00:00:00 +0530 Mon, 15 Jul 2024 12:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449406 NCLAT dismissed appeal challenging Resolution Plan approval in CIRP proceedings. Resolution Professional filed application after no plans received within 180-day period. Flat Buyers Association proposed completing unfinished project with developer assistance. Adjudicating Authority extended CIRP period noting buyers' desire to complete project. Committee of Creditors approved Resolution Plan with 90.45% vote share, with 97% held by flat buyers. Appellant financial creditor dissented but was entitled to liquidation amount under Section 30(2) IBC as per Section 53 priority. NCLAT found no grounds to interfere with approved plan facilitating project completion and corporate debtor resolution. Case-Laws Insolvency and Bankruptcy Fri, 09 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449406