NCLAT Approves Resolution Plan Of Shell Company Despite SEBI's Objections

Arunima Bhattacharjee

5 Sept 2019 9:44 AM IST

In the absence of any material irregularity in exercising the powers by the RP during the CIRP, or regarding provision for payment of insolvency resolution costs in the resolution plan, the appeal was found to be not maintainable by the NCLAT, and was dismissed.

The National Company Law Appellate Tribunal (NCLAT) has dismissed an appeal filed by the market regulator SEBI against the NCLT, Guwahati's approval to the Resolution Plan submitted by Abu-Dhabi based 'BRS Ventures Investment Ltd.' for the Corporate Debtor 'Assam Company India Limited. (ACIL)' Corporate Insolvency Resolution Process (CIRP)...

NCLAT Approves Resolution Plan Of Shell Company Despite SEBI's Objections

Arunima Bhattacharjee

In the absence of any material irregularity in exercising the powers by the RP during the CIRP, or regarding provision for payment of insolvency resolution costs in the resolution plan, the appeal was found to be not maintainable by the NCLAT, and was dismissed.

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