https://www.taxtmi.com/caselaws?id=783937 After the CoC had approved a resolution plan with 100% vote share and the approval application was pending before the AA, the CoC's subsequent resolutions (post reconstitution) to withdraw the plan and cancel the LoI were held ultra vires, as the CoC becomes functus officio on plan approval and such meetings violated CIRP Regulations, 2016; consequently, the AA's reliance on those resolutions and remand to the CoC was set aside. On alleged non-compliance with s.30(2)(b) IBC regarding payment to a secured creditor, the tribunal held that mandatory minimum payments apply only to specified creditor categories and the plan already contemplated payment to the secured creditor per the plan terms; accordingly, the plan could not be rejected on this ground. The appeal was allowed. en-us Mon, 22 Dec 2025 00:00:00 +0530 Fri, 26 Dec 2025 07:18:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=783937 After the CoC had approved a resolution plan with 100% vote share and the approval application was pending before the AA, the CoC's subsequent resolutions (post reconstitution) to withdraw the plan and cancel the LoI were held ultra vires, as the CoC becomes functus officio on plan approval and such meetings violated CIRP Regulations, 2016; consequently, the AA's reliance on those resolutions and remand to the CoC was set aside. On alleged non-compliance with s.30(2)(b) IBC regarding payment to a secured creditor, the tribunal held that mandatory minimum payments apply only to specified creditor categories and the plan already contemplated payment to the secured creditor per the plan terms; accordingly, the plan could not be rejected on this ground. The appeal was allowed. Case-Laws IBC Mon, 22 Dec 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=783937