Application filed at the instance of Resolution Professional and Successful Resolution Applicant on the basis of avoidance transactions under IBC is maintainable even after the approval of the Resolution Plan – Madhavi Edible Bran Oils Pvt. Ltd. Vs. Immaneni Eswara Rao & 5 Ors. – NCLAT Chennai
NCLAT held that once the decision of the learned Single Judge, on the basis of which the impugned order has been passed, has been reversed by the Division Bench of Hon’ble Delhi High Court in the case Tata Steel BSL Ltd. Vs. Venus Recruiter Pvt. Ltd. & Ors. (2023) ibclaw.in 09 HC followed by a decision of NCLAT in Kapil Wadhawan Vs. Piramal Capital & Housing Finance Ltd. & Ors. (2023) ibclaw.in 320 NCLAT, the question involved in this is no more res integra and decided as such and it is held that the application filed at the instance of the Resolution Professional and Successful Resolution Applicant on the basis of avoidance is maintainable even after the approval of the Resolution Plan.
