https://www.taxtmi.com/caselaws?id=761076 The NCLAT dismissed an appeal challenging the cancellation of a General Power of Attorney and approval of a Resolution Plan. The tribunal held that the appellant, a suspended director acting as nominee of the corporate debtor, had no individual rights in the subject property. The PoA was executed solely to facilitate development as the corporate debtor's nominee. Upon approval of the Resolution Plan by the Committee of Creditors, the successful resolution applicant assumed control, making the PoA redundant. The tribunal found the appeal vexatious, imposing costs of Rs. 1 lakh, and confirmed that Resolution Plans approved by creditors cannot be withdrawn or challenged on conditional clauses. en-us Tue, 29 Oct 2024 00:00:00 +0530 Mon, 04 Nov 2024 11:43:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761076 The NCLAT dismissed an appeal challenging the cancellation of a General Power of Attorney and approval of a Resolution Plan. The tribunal held that the appellant, a suspended director acting as nominee of the corporate debtor, had no individual rights in the subject property. The PoA was executed solely to facilitate development as the corporate debtor's nominee. Upon approval of the Resolution Plan by the Committee of Creditors, the successful resolution applicant assumed control, making the PoA redundant. The tribunal found the appeal vexatious, imposing costs of Rs. 1 lakh, and confirmed that Resolution Plans approved by creditors cannot be withdrawn or challenged on conditional clauses. Case-Laws IBC Tue, 29 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761076