https://www.taxtmi.com/caselaws?id=759910 NCLAT set aside the Adjudicating Authority's approval of a resolution plan where the Committee of Creditors substituted the original Resolution Applicant with a party who was not part of the Corporate Insolvency Resolution Process. The tribunal held that CoC lacked jurisdiction to approve a plan from someone not included in the final list of Prospective Resolution Applicants, violating Regulation 39(1)(B) of CIRP Regulations 2016. The substitution was deemed contrary to IBC's statutory scheme. NCLAT directed fresh Form-G issuance and completion of the entire resolution process within 90 days. Appeal allowed. en-us Thu, 25 Jul 2024 00:00:00 +0530 Thu, 10 Oct 2024 15:41:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759910 NCLAT set aside the Adjudicating Authority's approval of a resolution plan where the Committee of Creditors substituted the original Resolution Applicant with a party who was not part of the Corporate Insolvency Resolution Process. The tribunal held that CoC lacked jurisdiction to approve a plan from someone not included in the final list of Prospective Resolution Applicants, violating Regulation 39(1)(B) of CIRP Regulations 2016. The substitution was deemed contrary to IBC's statutory scheme. NCLAT directed fresh Form-G issuance and completion of the entire resolution process within 90 days. Appeal allowed. Case-Laws IBC Thu, 25 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759910