2022 (10) TMI 326 - SCH - Insolvency and Bankruptcy

Acceptability of Resolution Plan - HELD THAT - If the submission on behalf of the appellants, as canvassed before the NCLAT and before this Court is accepted in that case, the Resolution Plan shall not be workable at all. At this stage, it is also required to be noted that the appellants are the erstwhile Promoters and therefore they cannot be continued to be in the Company in any capacity may be as shareholders as rightly observed by the NCLAT. The Appeal stands dismissed.

Summary

The Supreme Court of India upheld the judgment of the National Company Law Appellate Tribunal regarding a Resolution Plan, dismissing the appeal by the erstwhile Promoters.