Simultaneous e-voting on resolution plan by CoC, financial creditors in class contrary to IBC, Insolvency Regulations: NCLAT

NCLAT held that if the voting procedure followed was not in consonance with the Insolvency and Bankruptcy Code, 2016, the approval of a Resolution Plan would have to be set aside.

The National Company Law Appellate Tribunal (NCLAT) recently set aside an order of the National Company Law Tribunal (NCLT) Allahabad Bench on the ground that e-voting on a Resolution Plan by the financial creditors and the Committee of Creditors (CoC) took place simultaneously [Harjeet Kaur v. Mr. Swami Deen Gupta, Resolution Professional, Piyush Shelters India Private Limited & Ors].

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