https://www.taxtmi.com/caselaws?id=459996 Karnataka HC quashed a resolution plan approval due to inadequate notice to a suspended director, violating natural justice principles. The court found the Resolution Professional failed to provide mandatory 5-day notice (reducible to 24 hours with written justification) for an amended resolution plan meeting. Despite respondents claiming it was merely an adjourned meeting, the approved party admitted submitting an amended plan, creating a contradiction. The court held suspended directors have statutory rights to participate in Committee of Creditors meetings per Supreme Court precedent. The matter was remanded to the Committee of Creditors to restart deliberations from the previous valid meeting stage. en-us Mon, 22 Apr 2024 00:00:00 +0530 Tue, 07 Jan 2025 19:56:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459996 Karnataka HC quashed a resolution plan approval due to inadequate notice to a suspended director, violating natural justice principles. The court found the Resolution Professional failed to provide mandatory 5-day notice (reducible to 24 hours with written justification) for an amended resolution plan meeting. Despite respondents claiming it was merely an adjourned meeting, the approved party admitted submitting an amended plan, creating a contradiction. The court held suspended directors have statutory rights to participate in Committee of Creditors meetings per Supreme Court precedent. The matter was remanded to the Committee of Creditors to restart deliberations from the previous valid meeting stage. Case-Laws IBC Mon, 22 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459996