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Resolution plan submitted by applicant accepted by NCLT as it was above liquidation value

November 13, 2019[2019] 111 178 (NCLT - Mum.)

IBC : Where resolution professional filed an application for 'Liquidation' of corporate debtor as CoC had rejected resolution plan submitted by 'T', it was held that since offer in resolution plan submitted by resolution applicant was above liquidation value and all proposal prima facie appeared to be advantageous for debtor company as well as other stakeholders, plan of 'T' was approved and would be binding on corporate debtor and other stakeholders involved so that revival of debtor company would come into force with immediate effect

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