https://www.taxtmi.com/caselaws?id=750642 The NCLAT dismissed appeals challenging a resolution plan approval. The tribunal held that appellant's categorization as affected homebuyer was correct since their allotment was made without required NOC from LICHFL. The court rejected claims of backdoor entry into CIRP, noting the CoC properly rescinded earlier Form-G and issued fresh advertisement, with respondent submitting EOI within timeline. The tribunal found no procedural violations by the Resolution Professional in conducting CIRP. Citing Supreme Court precedent in Jaypee Kensington case, the court emphasized that minority homebuyers must accept majority decision, noting 99.96% vote share approved the plan with 86 of 140 affected homebuyers voting favorably. en-us Thu, 21 Mar 2024 00:00:00 +0530 Tue, 26 Mar 2024 14:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=750642 The NCLAT dismissed appeals challenging a resolution plan approval. The tribunal held that appellant's categorization as affected homebuyer was correct since their allotment was made without required NOC from LICHFL. The court rejected claims of backdoor entry into CIRP, noting the CoC properly rescinded earlier Form-G and issued fresh advertisement, with respondent submitting EOI within timeline. The tribunal found no procedural violations by the Resolution Professional in conducting CIRP. Citing Supreme Court precedent in Jaypee Kensington case, the court emphasized that minority homebuyers must accept majority decision, noting 99.96% vote share approved the plan with 86 of 140 affected homebuyers voting favorably. Case-Laws Insolvency and Bankruptcy Thu, 21 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=750642