Case Law Details
Jitendra Palande Vs Univastu India Ltd (NCLT Mumbai)
NCLT Mumbai held that the Resolution Plan submitted by Univastu India Ltd. which was approved unanimously by the members of the Committee of Creditors (CoC) and which meets the requirements of law deserved to be approved.
Facts- The Interlocutory Application was filed under Section 30(6) and Section 31, of the Insolvency and Bankruptcy Code, 2016 by the Resolution Professional (hereinafter referred as, seeking approval of the Resolution Plan, submitted by the Resolution Applicant – Univastu India Ltd., which was approved unanimously by the members of the Committee of Creditors.
Conclusion- Held that the instant Resolution Plan meets the requirements of Section 30(2) of the Code and Regulations 37, 38, 38(1A) and 39(4) of the Regulations. The Resolution Plan is not in contravention of any of the provisions of Section 29A of the Code and is in accordance with law. The Resolution Plan is feasible and viable. The Resolution Plan balances the interest of all the stakeholders and thus it deserves to be approved.
FULL TEXT OF THE NCLT JUDGMENT/ORDER
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