https://www.taxtmi.com/caselaws?id=758320 The NCLAT dismissed an application challenging the approval of a resolution plan. The appellant claimed the resolution professional failed to disclose certain commercial spaces (4th to 9th floors) in the corporate debtor's assets. The tribunal held that complete information was provided in the Information Memorandum shared with all resolution applicants, including details about floor assignments. The court emphasized that resolution applicants must conduct their own due diligence and seek clarifications if needed. The resolution plan was invited on "as is where is" basis with adequate information disclosure. The application lacked merit and was dismissed. en-us Mon, 09 Sep 2024 00:00:00 +0530 Thu, 12 Sep 2024 07:56:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758320 The NCLAT dismissed an application challenging the approval of a resolution plan. The appellant claimed the resolution professional failed to disclose certain commercial spaces (4th to 9th floors) in the corporate debtor's assets. The tribunal held that complete information was provided in the Information Memorandum shared with all resolution applicants, including details about floor assignments. The court emphasized that resolution applicants must conduct their own due diligence and seek clarifications if needed. The resolution plan was invited on "as is where is" basis with adequate information disclosure. The application lacked merit and was dismissed. Case-Laws IBC Mon, 09 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758320