https://www.taxtmi.com/caselaws?id=450301 NCLAT Principal Bench allowed appeal against rejection of resolution plan by Corporate Debtor claiming MSME benefits. The Adjudicating Authority had rejected the plan arguing MSME registration was obtained after CIRP commencement and was wrongly obtained. NCLAT held that Adjudicating Authority lacked jurisdiction to revoke MSME registration granted by competent authority, and MSME status obtained after CIRP initiation was valid. The resolution plan was approved by CoC with requisite majority, and Adjudicating Authority's commercial wisdom review exceeded statutory boundaries under Section 30(2) IBC. Both impugned orders were deemed unsustainable. en-us Thu, 29 Feb 2024 00:00:00 +0530 Sat, 02 Mar 2024 07:23:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450301 NCLAT Principal Bench allowed appeal against rejection of resolution plan by Corporate Debtor claiming MSME benefits. The Adjudicating Authority had rejected the plan arguing MSME registration was obtained after CIRP commencement and was wrongly obtained. NCLAT held that Adjudicating Authority lacked jurisdiction to revoke MSME registration granted by competent authority, and MSME status obtained after CIRP initiation was valid. The resolution plan was approved by CoC with requisite majority, and Adjudicating Authority's commercial wisdom review exceeded statutory boundaries under Section 30(2) IBC. Both impugned orders were deemed unsustainable. Case-Laws Insolvency and Bankruptcy Thu, 29 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450301