https://www.taxtmi.com/caselaws?id=757940 The HC dismissed a writ petition challenging an approved resolution plan under IBC. The court held that the resolution applicant made full disclosure and was not barred under Section 29A, rejecting claims of being a related party due to lack of evidence. Once NCLT approved the resolution plan after detailed analysis by COC, the decision was commercially viable and could not be challenged. The court emphasized that approved resolution plans create a clean slate for successful applicants, with assets shielded from criminal prosecution and attachment. The petitioner failed to demonstrate any flawed actions by respondents warranting court interference. Petition dismissed with costs. en-us Mon, 05 Aug 2024 00:00:00 +0530 Thu, 05 Sep 2024 07:49:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757940 The HC dismissed a writ petition challenging an approved resolution plan under IBC. The court held that the resolution applicant made full disclosure and was not barred under Section 29A, rejecting claims of being a related party due to lack of evidence. Once NCLT approved the resolution plan after detailed analysis by COC, the decision was commercially viable and could not be challenged. The court emphasized that approved resolution plans create a clean slate for successful applicants, with assets shielded from criminal prosecution and attachment. The petitioner failed to demonstrate any flawed actions by respondents warranting court interference. Petition dismissed with costs. Case-Laws Insolvency and Bankruptcy Mon, 05 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757940