https://www.taxtmi.com/caselaws?id=754898 The appellate tribunal upheld a homebuyer-led resolution plan, holding that the committee of creditors could apply different eligibility criteria for an allottees' association where the classification was reasonable and linked to value maximisation. It also sustained the registration cut-off date, found the association had locus to challenge the plan, and rejected objections based on alleged discrepancies in unsold area, receivables, car-park funding, and assured returns treatment. The tribunal held that Cimco Projects Ltd. had adequate opportunity to submit a plan and that the suspended director was heard on objections. Applying the limited scope of review under the Insolvency and Bankruptcy Code, it found no material irregularity or statutory breach warranting interference. en-us Mon, 01 Jul 2024 00:00:00 +0530 Tue, 02 Jul 2024 21:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754898 The appellate tribunal upheld a homebuyer-led resolution plan, holding that the committee of creditors could apply different eligibility criteria for an allottees' association where the classification was reasonable and linked to value maximisation. It also sustained the registration cut-off date, found the association had locus to challenge the plan, and rejected objections based on alleged discrepancies in unsold area, receivables, car-park funding, and assured returns treatment. The tribunal held that Cimco Projects Ltd. had adequate opportunity to submit a plan and that the suspended director was heard on objections. Applying the limited scope of review under the Insolvency and Bankruptcy Code, it found no material irregularity or statutory breach warranting interference. Case-Laws Insolvency and Bankruptcy Mon, 01 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754898