The Successful Resolution Applicant requested Maharashtra Industrial Development Corporation (hereinafter referred to as MIDC) for a new water connection to revive the operations at the plant of the Corporate Debtor.
Tag: CIRP and NCLT
When COC approves a resolution plan it is presumed to be viable and feasible
When a Resolution Plan is approved by the CoC in its commercial wisdom, it has to be presumed that the approval was given to a viable and feasible plan. Once approved, the Tribunal cannot interfere with the commercial wisdom.
NCLT Delhi Imposes Cost of Rs.1 Lakh on Suspended Director
The court fined the suspended director of the corporate debtor (the applicant) Rs. 1 lakh for starting several legal actions to obtain the same remedy and wasting valuable judicial time.
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