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Where a Claimant whose claim has been rejected, has not challenged the said rejection, he would not be having any locus to put a challenge to the order of approval of Resolution Plan – Malay Bhadra Deputy Commissioner of Income-tax Vs. Mr. CA Jasin Jose RP/Monitoring Agent of Orma Marble Palace Pvt. Ltd. and Anr. – NCLAT Chennai

Hon’ble NCLAT holds that the appellant has been determined as to be an unsuccessful Applicant/Claimant. It is a settled law that where an Applicant/Claimant whose claim has been rejected, has not challenged the said rejection, he would not be having any locus to put a challenge to the order of approval of Resolution Plan and thus the appeal at the behest of the Appellant, challenging the order of approval of Resolution Plan would not be maintainable. For the aforesaid reason, the Company Appeal would stand dismissed holding it to be not maintainable.

Where a Claimant whose claim has been rejected, has not challenged the said rejection, he would not be having any locus to put a challenge to the order of approval of Resolution Plan – Malay Bhadra Deputy Commissioner of Income-tax Vs. Mr. CA Jasin Jose RP/Monitoring Agent of Orma Marble Palace Pvt. Ltd. and Anr. – NCLAT Chennai Read Post »

The commercial wisdom of the CoC is to be given paramount importance for approval/rejection of a Resolution Plan – Mr. Jagadish Prasad Sarda Vs. Indian Bank and Anr. – NCLAT Chennai

NCLAT observes that there was no Resolution Plan which was approved by the CoC, prior to the expiry of the CIRP Period and therefore, the Adjudicating Authority passed the Liquidation Order as mandated under Section 33 (2) of the Code. Having regard to the fact that the CIRP period of 270 days was over and the CoC had voted in favour of Liquidation of the Corporate Debtor Company with a 100 % majority, we do not see any substantial reasons in the argument of the Learned Counsel for the Appellant that their Plan ought to have been considered.

The commercial wisdom of the CoC is to be given paramount importance for approval/rejection of a Resolution Plan – Mr. Jagadish Prasad Sarda Vs. Indian Bank and Anr. – NCLAT Chennai Read Post »

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