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of <h1>NCLAT Chennai Upholds Resolution Plan Approval; Dismisses Allegations of Irregularities and Asset Undervaluation Under IBC 2016.</h1> The National Company Law Appellate Tribunal (NCLAT) in Chennai addressed several key issues regarding a resolution plan under the Insolvency and Bankruptcy Code (IBC), 2016. The court found no irregularity in excluding Edelweiss Asset Reconstruction Company from the Committee of Creditors (CoC) since neither Edelweiss nor the original creditor filed a claim. Allegations of asset undervaluation were dismissed as the appellant had prior opportunities to raise these concerns. The resolution plan was deemed compliant with the IBC, having been approved unanimously by the CoC. The appellant, a suspended director and promoter, lacked the standing to challenge the plan post-approval. Consequently, the appeal was dismissed without costs.
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