https://www.taxtmi.com/caselaws?id=450242 The NCLAT set aside an order directing the Committee of Creditors to consider a fresh settlement proposal from ex-directors after a resolution plan had already been approved by the CoC. The tribunal held that the adjudicating authority erred by not providing the successful resolution applicant an opportunity to respond to the settlement application before directing reconsideration. The NCLAT ruled that since the resolution plan approval was pending before the adjudicating authority, proper procedural fairness required allowing the appellant to object to the fresh settlement proposal before any directive to the CoC. en-us Wed, 28 Feb 2024 00:00:00 +0530 Fri, 01 Mar 2024 06:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450242 The NCLAT set aside an order directing the Committee of Creditors to consider a fresh settlement proposal from ex-directors after a resolution plan had already been approved by the CoC. The tribunal held that the adjudicating authority erred by not providing the successful resolution applicant an opportunity to respond to the settlement application before directing reconsideration. The NCLAT ruled that since the resolution plan approval was pending before the adjudicating authority, proper procedural fairness required allowing the appellant to object to the fresh settlement proposal before any directive to the CoC. Case-Laws Insolvency and Bankruptcy Wed, 28 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450242