https://www.taxtmi.com/caselaws?id=755541 NCLAT Principal Bench dismissed an appeal challenging approval of a resolution plan. The appellant, a shareholder and promoter of the corporate debtor, contested the redetermination of Pegasus's claim at 14.85% by the Resolution Professional (RP). The tribunal held that the RP was entitled to redetermine claims based on subsequent facts, particularly since Pegasus itself requested the redetermination. Following SC precedent in Tulip Star Hotels, the tribunal ruled that claim reworking/verification does not impact resolution plan implementation. The Adjudicating Authority properly approved the resolution plan as compliant with the statutory scheme. en-us Tue, 09 Jul 2024 00:00:00 +0530 Sat, 13 Jul 2024 15:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755541 NCLAT Principal Bench dismissed an appeal challenging approval of a resolution plan. The appellant, a shareholder and promoter of the corporate debtor, contested the redetermination of Pegasus's claim at 14.85% by the Resolution Professional (RP). The tribunal held that the RP was entitled to redetermine claims based on subsequent facts, particularly since Pegasus itself requested the redetermination. Following SC precedent in Tulip Star Hotels, the tribunal ruled that claim reworking/verification does not impact resolution plan implementation. The Adjudicating Authority properly approved the resolution plan as compliant with the statutory scheme. Case-Laws Insolvency and Bankruptcy Tue, 09 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755541