https://www.taxtmi.com/caselaws?id=313487 The Tribunal dismissed the appeal filed by a member of the suspended Board of Directors of the Corporate Debtor, ruling that the Appellant was ineligible to participate in the CIRP due to their status. The Appellant lacked legal standing to advocate for the Unsuccessful Resolution Applicant. The Successful Resolution Applicant's plan had already been approved by the COC, rendering the appeal not maintainable. The Tribunal underscored the necessity for parties to possess appropriate eligibility and legal authority to engage in insolvency proceedings, adhering strictly to legal provisions. en-us Tue, 16 Mar 2021 00:00:00 +0530 Wed, 17 Apr 2024 17:33:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313487 The Tribunal dismissed the appeal filed by a member of the suspended Board of Directors of the Corporate Debtor, ruling that the Appellant was ineligible to participate in the CIRP due to their status. The Appellant lacked legal standing to advocate for the Unsuccessful Resolution Applicant. The Successful Resolution Applicant's plan had already been approved by the COC, rendering the appeal not maintainable. The Tribunal underscored the necessity for parties to possess appropriate eligibility and legal authority to engage in insolvency proceedings, adhering strictly to legal provisions. Case-Laws Insolvency and Bankruptcy Tue, 16 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313487