2019 (4) TMI 1882 - SCH - Insolvency and Bankruptcy

Initiation of Corporate Insolvency Resolution Process - confirmation of resolution plan - change of voting as made by some of the members of the Committee of Creditors - Regulation 26 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 - it was held by the NCLAT that case is remitted to the Adjudicating Authority, Mumbai Bench, Mumbai to approve the plan in terms of Section 31 of the Insolvency and Bankruptcy Code, 2016 with modification i.e. that the plan is to be implemented within the period of 12 years as offered by the Successful Resolution Applicant . HELD THAT - The decision of NCLAT upheld - appeal dismissed.

Summary

The Supreme Court of India, in the case with citation 2019 (4) TMI 1882 - SC, heard learned counsel and perused the record, finding no merit in the appeals. The civil appeals were dismissed.