No bar to related party of Financial Creditor to submit a Resolution Plan

Trimex Industries Pvt. Ltd Vs Sathavahana Ispat Ltd (NCLT Cuttack) Conclusion: IBC does not bar a related party of the Financial Creditor from submitting a resolution plan for the Corporate Debtor and also, an application based upon over future contingencies or apprehensions was unsustainable. Held: M/s. JC Flowers Asset Reconstruction Pvt. Ltd. (“Corporate Debtor) was admitted into Corporate Insolvency Resolution Process (“CIRP”). M/s. Jindal Saw Ltd. (“PRA/Respondent No. 3”) had submitted a resolution plan for the Corporate Debtor and thus became Prospective Re...