https://www.taxtmi.com/caselaws?id=751546 The NCLAT dismissed an appeal challenging a Resolution Plan approval. The Appellant claimed to be a secured creditor but the Resolution Professional classified them as unsecured. The NCLAT held that under Section 3(31) of IBC, no transaction creating security interest in Corporate Debtor's assets in favor of Appellant was established. Mortgages referenced in sanction letters were by guarantors, not Corporate Debtor's assets. The NCLAT also rejected challenges regarding timeline extensions, finding the Adjudicating Authority properly approved the Resolution Plan within prescribed timelines without procedural infirmities. en-us Tue, 16 Apr 2024 00:00:00 +0530 Thu, 18 Apr 2024 18:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751546 The NCLAT dismissed an appeal challenging a Resolution Plan approval. The Appellant claimed to be a secured creditor but the Resolution Professional classified them as unsecured. The NCLAT held that under Section 3(31) of IBC, no transaction creating security interest in Corporate Debtor's assets in favor of Appellant was established. Mortgages referenced in sanction letters were by guarantors, not Corporate Debtor's assets. The NCLAT also rejected challenges regarding timeline extensions, finding the Adjudicating Authority properly approved the Resolution Plan within prescribed timelines without procedural infirmities. Case-Laws Insolvency and Bankruptcy Tue, 16 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751546