https://www.taxtmi.com/caselaws?id=759309 NCLAT Principal Bench permitted continuation of ongoing resolution process for Category II company under IL&FS Resolution Framework. The tribunal allowed completion of sale process for 42.25% shareholding that commenced in January 2021, with voting deadline of September 30, 2024. Lead lender was granted liberty to raise objections regarding debt extinguishment upon mere payment for partial shareholding. The tribunal clarified that resolution process must be completed irrespective of pending application, while excluding the company from certain prayers in the application. en-us Thu, 26 Sep 2024 00:00:00 +0530 Sat, 28 Sep 2024 08:11:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759309 NCLAT Principal Bench permitted continuation of ongoing resolution process for Category II company under IL&FS Resolution Framework. The tribunal allowed completion of sale process for 42.25% shareholding that commenced in January 2021, with voting deadline of September 30, 2024. Lead lender was granted liberty to raise objections regarding debt extinguishment upon mere payment for partial shareholding. The tribunal clarified that resolution process must be completed irrespective of pending application, while excluding the company from certain prayers in the application. Case-Laws IBC Thu, 26 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759309