Appeal Dismissed: NCLAT Upholds Resolution Plan, Rejects Late Settlement Proposal Due to Lack of Compelling Reasons.

NCLAT dismissed the appeal challenging the impugned order rejecting the one-time settlement (OTS) proposal. It held that the adjudicating authority rightly rejected the OTS proposal as the resolution plan had already been approved. Reopening the proceedings to consider a subsequent settlement proposal would be impermissible after the finality of the approved resolution plan, unless compelling reasons existed, which was not the case here. The appeal against the impugned order was found unmerited. .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X