successful resolution applicant Archives

Case Briefs Tribunals/Commissions/Regulatory Bodies

‘Resolution plans comply with IBC and CIRP Regulations’; NCLT approves Adani Properties acquisition of two HDIL assets

Reiterating that the commercial wisdom of the CoC is to be given paramount importance for approval/rejection of the Resolution Plan, the NCLT held that the Resolution Plans in the present case met the requirements of the IBC and the IBBI Regulations, and thus, had to be approved.

Case Briefs Tribunals/Commissions/Regulatory Bodies

NCLAT | Once the resolution plan is submitted for approval, it is binding between the Committee of Creditors and successful resolution applicant

NCLAT while deciding the appeal held that the CoC after approving the resolution plan cannot seek direction from Adjudicating Authority to consider the new resolution plan of a third party who was not a part of the CIRP as it would fall outside the timeline and defeat the very scope and objective of the Code.