https://www.taxtmi.com/caselaws?id=465969 Whether shareholders/third parties may seek recall of Adjudicating Authority's admission order: Held that a party who has availed statutory appeals and exhausted remedies cannot reopen the same order; a person who did not appeal lacks locus to recall an order that attained finality. Outcome: recall applications dismissed as impermissible and an abuse delaying time-bound CIRP. Whether the Resolution Plan complies with IBC and IBBI Regulations: Held that the plan, having 89.25% CoC approval, meets viability/feasibility requirements and complies with sections 30 and 31 and regs 38-39; RBI and CCI approvals obtained. Outcome: Resolution Plan approved and binding under section 31. Scope of reliefs/waivers and effect on claims: Held Adjudicating Authority may grant only Code/Companies Act reliefs; other statutory waivers lie with competent authorities; non-plan claims extinguish on approval and moratorium ends. Outcome: specified waivers limited; non-plan claims extinguished; moratorium ceases. en-us Fri, 11 Aug 2023 00:00:00 +0530 Sat, 17 Jan 2026 11:24:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465969 Whether shareholders/third parties may seek recall of Adjudicating Authority's admission order: Held that a party who has availed statutory appeals and exhausted remedies cannot reopen the same order; a person who did not appeal lacks locus to recall an order that attained finality. Outcome: recall applications dismissed as impermissible and an abuse delaying time-bound CIRP. Whether the Resolution Plan complies with IBC and IBBI Regulations: Held that the plan, having 89.25% CoC approval, meets viability/feasibility requirements and complies with sections 30 and 31 and regs 38-39; RBI and CCI approvals obtained. Outcome: Resolution Plan approved and binding under section 31. Scope of reliefs/waivers and effect on claims: Held Adjudicating Authority may grant only Code/Companies Act reliefs; other statutory waivers lie with competent authorities; non-plan claims extinguish on approval and moratorium ends. Outcome: specified waivers limited; non-plan claims extinguished; moratorium ceases. Case-Laws IBC Fri, 11 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465969