https://www.taxtmi.com/caselaws?id=313701 In a CIRP for a financial service provider, fixed deposit holders were treated as financial creditors and could not preferential or full repayment merely by relying on the National Housing Bank Act or the RBI Act. The Insolvency and Bankruptcy Code, 2016 and the FSP Rules governed the resolution process, and no legal basis was shown to create a separate class of deposit holders for higher distribution. The tribunal's review remained confined to statutory limits and it could not replace the commercial decision of the Committee of Creditors with its own view. The challenge to the approved resolution plan therefore failed, and interference was refused. en-us Thu, 27 Jan 2022 00:00:00 +0530 Mon, 29 Apr 2024 21:29:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313701 In a CIRP for a financial service provider, fixed deposit holders were treated as financial creditors and could not preferential or full repayment merely by relying on the National Housing Bank Act or the RBI Act. The Insolvency and Bankruptcy Code, 2016 and the FSP Rules governed the resolution process, and no legal basis was shown to create a separate class of deposit holders for higher distribution. The tribunal's review remained confined to statutory limits and it could not replace the commercial decision of the Committee of Creditors with its own view. The challenge to the approved resolution plan therefore failed, and interference was refused. Case-Laws Insolvency and Bankruptcy Thu, 27 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313701