Post-Resolution Capital Restructuring Rejected as Outside Approved Resolution Plan: NCLT Hyderabad

Canara Bank Ltd. Vs Feno Plast Limited  (NCLT Hyderabad) The NCLT Hyderabad considered an application filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016, by the Successful Resolution Applicant (SRA) of the Corporate Debtor. The applicant sought permission to undertake post-implementation capital restructuring, including reduction, consolidation and re-issuance of equity share capital, continuation of the Corporate Debtor’s listing on the stock exchange, continuation of public shareholding in a proport...