https://www.taxtmi.com/caselaws?id=450163 NCLAT held that Resolution Professional's opening of sealed resolution plan without presence of Committee of Creditors and Principal Resolution Applicants did not violate CIRP process. Court ruled that Regulation 39 of CIRP Regulations, 2016 requires RP to examine resolution plans for Section 30(2) compliance before presenting to CoC, making opening essential. No legal provision mandates RP to open plans in presence of CoC and PRAs. Adjudicating Authority's order was deemed unsustainable. Appeal allowed. en-us Thu, 22 Feb 2024 00:00:00 +0530 Wed, 28 Feb 2024 18:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450163 NCLAT held that Resolution Professional's opening of sealed resolution plan without presence of Committee of Creditors and Principal Resolution Applicants did not violate CIRP process. Court ruled that Regulation 39 of CIRP Regulations, 2016 requires RP to examine resolution plans for Section 30(2) compliance before presenting to CoC, making opening essential. No legal provision mandates RP to open plans in presence of CoC and PRAs. Adjudicating Authority's order was deemed unsustainable. Appeal allowed. Case-Laws Insolvency and Bankruptcy Thu, 22 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450163