https://www.taxtmi.com/caselaws?id=313809 The NCLAT dismissed appeals challenging a liquidation order under IBC. Appellants contended the Resolution Professional (RP) exceeded jurisdiction by unilaterally rejecting their resolution plan for Section 29A non-compliance, causing material irregularity in CIRP. The NCLAT held the Committee of Creditors (CoC) had directed the RP to assess Section 29A eligibility, and the RP acted on CoC's specific instructions, not unilaterally. The CoC unanimously approved liquidation with 100% votes after three years of resolution attempts. The NCLAT found no illegality in the CIRP process and upheld the Adjudicating Authority's liquidation order. en-us Fri, 07 Jul 2023 00:00:00 +0530 Fri, 03 May 2024 15:07:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313809 The NCLAT dismissed appeals challenging a liquidation order under IBC. Appellants contended the Resolution Professional (RP) exceeded jurisdiction by unilaterally rejecting their resolution plan for Section 29A non-compliance, causing material irregularity in CIRP. The NCLAT held the Committee of Creditors (CoC) had directed the RP to assess Section 29A eligibility, and the RP acted on CoC's specific instructions, not unilaterally. The CoC unanimously approved liquidation with 100% votes after three years of resolution attempts. The NCLAT found no illegality in the CIRP process and upheld the Adjudicating Authority's liquidation order. Case-Laws Insolvency and Bankruptcy Fri, 07 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313809