2024 (7) TMI 818 - SCH - Insolvency and Bankruptcy

Application filed by Resolution Professional (RP) for approval of Resolution Plan - waterfall mechanism - it was held by NCLAT that 'The Resolution Plan, which has been approved by the CoC with 90.45% vote share and through which Resolution Plan the completion of unfinished project is helping in resolution of the CIRP of the Corporate Debtor and in which 97% vote share are being held by the Flat Buyers themselves, the Resolution Plan cannot be set aside at the instance of Appellant, who is being paid the amount as per Section 30, sub-section (2)' - HELD THAT - There are no reason to interfere with the order of the National Company Law Appellate Tribunal - appeal dismissed.

Summary

The Supreme Court dismissed the appeal in Company Appeal (AT)(Insolvency) No 654 of 2022 as no substantial question of law was involved. The delay in refiling the appeal was condoned.