Case Law Details
Arun Kumar Sinha Vs Three C Homes Private Limited (NCLT Delhi)
The National Company Law Tribunal (NCLT) has approved the resolution plan submitted by Ace Infracity Developers for the financially distressed 3C Homes. This press release provides insights into the approved plan, including provisions for compensation, possession of residential plots, and compliance with the Insolvency & Bankruptcy Code.
Approval of Ace Infracity’s Resolution Plan
The NCLT has granted approval to the resolution plan submitted by Ace Infracity Developers for the acquisition of 3C Homes. The plan received 100% votes from the Committee of Creditors (CoC), and the NCLT recognized the lenders’ “commercial wisdom” in approving the plan.
Key Provisions of the Resolution Plan
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