NCLAT affirmed the approval of a resolution plan where unsecured ...

Resolution Plan with 86.67% CoC Approval Upholds 13.44% Payout to Dissenting Creditors Under Section 30(2)(b)

March 3, 2025

Case Laws IBC AT

NCLAT affirmed the approval of a resolution plan where unsecured dissenting financial creditors received Rs.1.5 Crore against their admitted claim of Rs.10.94 Crore, representing 13.44% vote share. The plan secured 86.67% CoC approval within the 330-day CIRP period. The Tribunal held that the payout complied with Section 30(2)(b) of IBC, rejecting appellant's contention regarding homebuyers receiving units without haircuts. The fact that Adjudicating Authority's approval came on 14.05.2024, after the CIRP period, was deemed immaterial since the plan was approved and filed within the statutory timeframe. The NCLAT emphasized its limited jurisdiction to interfere with resolution plans and dismissed the appeal, finding no violation of statutory requirements.

View Source

← Previous Next →

NCLAT affirmed the approval of a resolution plan where unsecured ...

Resolution Plan with 86.67% CoC Approval Upholds 13.44% Payout to Dissenting Creditors Under Section 30(2)(b)

March 3, 2025

Case Laws IBC AT

You may also like:

Approval of Resolution Plan - CIRP process - dissenting financial creditors - No financial creditor either assenting or dissenting can challenge a Resolution Plan, as...

Approval of Resolution Plan - extinguishment of security interest and the guarantees - Resolution Plan in question has consciously dealt with securities and personal...

The NCLAT upheld the Adjudicating Authority's order approving the Resolution Plan, which was approved by the CoC with 70.07% voting share. The Appellant, a dissenting...

The NCLAT dismissed the appeal challenging the approval of the resolution plan by the Committee of Creditors (CoC) and the Adjudicating Authority. The key findings were:...

Validity of approval of Resolution plan - home buyers - no opinion was obtained on feasibility and viability - when the CoC approved the Resolution Plan in its...

Resolution plan approved by Committee of Creditors (CoC) with 97.54% vote share. Commercial wisdom of CoC in approving resolution plan not to be lightly interfered with....

Approval of Resolution plan - There is no error in the consideration of the CoC of the Resolution Plan and the commercial wisdom of the CoC by approving the Resolution...

Approval of a resolution plan - The Tribunal dismissed objections raised by dissenting homebuyers, citing that since the homebuyers as a class assented to the plans,...

The summary focuses on the approval of a resolution plan by the Committee of Creditors (CoC) and the limited scope of judicial review by the adjudicating authority. The...

Direction to COC to consider ineligibility of 3rd Respondent under Section 29A of I&B Code - as per the Provisions of Law, the COC has power to take a decision with...

The adjudicating authority has jurisdiction to cancel a registered General Power of Attorney (PoA) executed in favor of the appellant, who was a nominee of the corporate...

Approval of Resolution Plan - Whether the CoC is empowered to decide the distribution methodology? - Keeping in view the catena of Judgments of the Hon’ble Apex Court...

NCLAT dismissed an appeal challenging the rejection of a new resolution plan submission. The tribunal held that once a resolution plan is approved by the Committee of...

CIRP - power to entertain new Resolution Plan after approval of another resolution plan by the CoC - The Appellant has made out a prima-facie case to be interfered with...

The NCLAT rejected the intervention application filed by the Appellant for approval of the Resolution Plan u/s 30 of the I&B Code. The Appellant was an unsuccessful...

Quick Updates: