IBC: Non-Fund Based Agreement Interpreted to Ensure Workable Resolution Plan

State Bank of India & Ors. Vs Jyoti Structures Ltd. & Ors. (NCLAT Delhi)

NCLAT Delhi held that post approval of resolution plan Non-Fund Based [NFB] agreement has to be read in a manner to give effect to the resolution plan and not to make any clause of resolution plan otiose and unworkable.

Facts- Jyoti Structure Limited an Engineering Procurement Company (EPC) was admitted to Insolvency Resolution Process by order dated 04.07.2017. In the CIRP process of the Corporate Debtor, a Resolution Plan was submitted by one Sharad Sanghi. The Resolution Plan

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