https://www.taxtmi.com/caselaws?id=450510 The NCLAT set aside the Adjudicating Authority's rejection of a pre-packaged insolvency application filed under Section 54C of IBC, 2016. The court held that under Section 54C(4), the Adjudicating Authority must admit complete applications or reject incomplete ones within fourteen days. Since the Authority acknowledged all statutory compliances were fulfilled, it erred by rejecting the application based on merits of the Base Resolution Plan. The NCLAT ruled that evaluating the Base Resolution Plan's acceptability is not contemplated under the statutory scheme. The court also confirmed that Base Resolution Plans can be submitted jointly by the Corporate Applicant with other parties, including financial creditors. Appeal allowed. en-us Tue, 05 Mar 2024 00:00:00 +0530 Wed, 06 Mar 2024 12:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450510 The NCLAT set aside the Adjudicating Authority's rejection of a pre-packaged insolvency application filed under Section 54C of IBC, 2016. The court held that under Section 54C(4), the Adjudicating Authority must admit complete applications or reject incomplete ones within fourteen days. Since the Authority acknowledged all statutory compliances were fulfilled, it erred by rejecting the application based on merits of the Base Resolution Plan. The NCLAT ruled that evaluating the Base Resolution Plan's acceptability is not contemplated under the statutory scheme. The court also confirmed that Base Resolution Plans can be submitted jointly by the Corporate Applicant with other parties, including financial creditors. Appeal allowed. Case-Laws Insolvency and Bankruptcy Tue, 05 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450510