Resolution Plan Approved After Re-Voting as Initial Vote Failed to Meet 66% Threshold: NCLT Mumbai

Amit Vijay Karia Vs Beacon Trusteeship Limited (NCLT Mumbai) The National Company Law Tribunal (NCLT), Mumbai Bench, considered an application filed by the Resolution Professional (RP) under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 for approval of a resolution plan submitted by Mantra Properties and Developers Private Limited in respect of M/s Nirmal Lifestyle (Mulund) Private Limited (Corporate Debtor). Alongside the main application, multiple interlocutory applications (IAs) filed by homebuyers, promoters, and third parties were also adjudicated. CIRP Background and CoC Comp...