https://www.taxtmi.com/caselaws?id=751124 The NCLAT dismissed an appeal challenging the interpretation of an escrow account order dated 30.11.2023. The appellant claimed the entire Rs.132 crores should be held in escrow, but the tribunal held that only the amount allocated in the resolution plan (Rs.1 lakh) against the admitted claim needed escrow protection. The court emphasized that commercial wisdom of the Committee of Creditors in approving resolution plans receives paramount importance, and appellate interference is limited to statutory violations under Section 30(2) of the Insolvency Code. No such violations were established by the appellant. en-us Thu, 04 Apr 2024 00:00:00 +0530 Mon, 08 Apr 2024 08:52:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751124 The NCLAT dismissed an appeal challenging the interpretation of an escrow account order dated 30.11.2023. The appellant claimed the entire Rs.132 crores should be held in escrow, but the tribunal held that only the amount allocated in the resolution plan (Rs.1 lakh) against the admitted claim needed escrow protection. The court emphasized that commercial wisdom of the Committee of Creditors in approving resolution plans receives paramount importance, and appellate interference is limited to statutory violations under Section 30(2) of the Insolvency Code. No such violations were established by the appellant. Case-Laws Insolvency and Bankruptcy Thu, 04 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751124