Settlement proposal u/s. 12A of IBC rejected since earlier proposal already disapproved by CoC

VMS Equipment Pvt. Ltd. Vs Primrose Infratech Pvt. Ltd. (NCLT Delhi)

NCLT Delhi held that the proposals for settlement under section 12A of the IBC, 2016 made prior, to approval of the Resolution Plan, is rejected since the same was already considered by CoC and the same was not approved.

Facts- This is an application filed on behalf of the ex-management of the Corporate Debtor with a prayer to allow the Applicants to place the settlement proposal u/s. 12A of IBC, 2016 read with Regulation 30A of IBBI (Insolvency Resolution Process for Corporate Persons) Reg

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