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Asian Hotels (West) Insolvency: NCLAT said the decision of lenders of Asian Hotels (West) was "arbitrary in not approving 12A Proposal", which offered to pay the entire debt of financial creditors as well as all other creditors. ....
However, the NCLAT also said, "We do not agree with the finding of the Adjudicating Authority that the Section 9 application was time-barred and hit by limitation". Meanwhile, the appellate tribunal said the operational creditor has the liberty to seek remedy of its contractual disputes before any other appropriate forum. ....
The NCLT allowed it to participate and submit the Resolution Plan to maximise its value. However, it said this opportunity shall be subject to compliance with the provisions contained in CIRP regulations. However, as there was a contradiction in the NCLT order on the one hand, it allowed submission of the resolution plan by JPL for maximisation, but on the other hand, it sought compliance with the CIRP Regulations, and the RP requested clarification from the tribunal. ....
The public sector lender contended for maximisation of the assets and submitted if a fresh process and fresh valuation were done, Lavasa Corporation would achieve more value. ....
However, the NCLAT also said, "We do not agree with the finding of the Adjudicating Authority that the Section 9 application was time-barred and hit by limitation". Meanwhile, the appellate tribunal said the operational creditor has the liberty to seek remedy of its contractual disputes before any other appropriate forum. ....