Committee of Creditors cannot consider another Fresh Resolution Plan once a Resolution Plan Approved
Case Law Details
Steel Strips Wheels Ltd. Vs Avil Menezes (NCLAT Delhi)
HELD THAT -The National Company Law Appellate Tribunal (NCLAT) has in the judgement dated April 18, 2022 (Judgement), in the matter of Steel Strips Wheels Limited. v. Shri Avil Menezes, Resolution Professional of AMW Autocomponent Limited and Others [Company Appeal (AT) (Insolvency) No. 89 of 2022] held that a fresh resolution plan cannot be considered by committee of creditors of AMW Autocomponent Limited (CoC).
BRIEF FACTS
1. The present appeal had been filed by the successful resolution applicant, that is, Steel Strips Wheels Limited (“Appellant”) under Section 61 of the Insolvency and Bankruptcy Code, 2016 (“Code”) challenging the order dated January 18, 2022 (“Impugned Order”) wherein the National Company Law Tribunal, Ahmedabad, (“NCLT”) had allowed an application filed by Triton Electric Vehicle, LLC (“Respondent No. 3”) for consideration of its resolution plan Previously, by an order dated September 01, 2020.
2. The corporate insolvency resolution process (“CIRP”) was initiated against AMW Autocomponent Limited (“Corporate Debtor”).
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