Homebuyers' Challenge Fails: Resolution Plan Upheld, Creditors' Commercial Wisdom Prevails Under Insolvency Code

NCLAT dismissed homebuyers' appeal challenging resolution plan, finding no merit in their claim. The Appellate Tribunal reaffirmed the Committee of Creditors' commercial wisdom and previously upheld resolution plan approvals. Despite appellants' contentions regarding voting rights and claim considerations, the tribunal determined the resolution plan was validly approved in 2022 and subsequently confirmed. The appeal was deemed infructuous, with the resolution plan remaining unchanged. Appellants' arguments regarding voting share and claim validity were ultimately rejected, maintaining the existing resolution plan's integrity and effectiveness. .....

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