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 was approved by the CoC which in tu...