Despite the said homebuyers’ claim being admitted during the Corporate Insolvency Resolution Process (CIRP), the resolution plan approved by the Committee of Creditors (CoC) granted them only 60% of their claim amount, with no entitlement to the apartment in question.
NCLT dismisses homebuyers plea against Monarch Brookefields LLP s resolution plan, granting 60% claim. CoC s authority emphasized, limiting challenges by individual creditors. Legal precedent supports plan s validity under the Insolvency and Bankruptcy Code.
Greater Noida Industrial Development ... vs Prabhjit Singh Soni on 12 February, 2024 indiankanoon.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiankanoon.org Daily Mail and Mail on Sunday newspapers.
The recent judgment by a Two-Judge Bench of the Supreme Court, delivered by Justice Sanjeev Khanna and Justice S.V.N. Bhatti on January 3, 2024 in DBS Bank Limited Singapore v. Ruchi Soya Industries.
The Supreme Court has referred to larger bench the issue whether a dissenting financial creditor is to be paid the minimum value of its security interest as per the Insolvency and the Bankruptcy Code.