ELP Alerts: NCLT Mumbai holds resolution plan approved by less than 75% in value of COC is non-est in law

ELP Alerts:  NCLT Mumbai holds resolution plan approved by less than 75% in value of COC is non-est in law

The National Company Law Tribunal, Bench at Mumbai (Mumbai NCLT), in the matter of ICICI Bank Limited v/s Innoventive Industries Limited (Corporate Debtor) while adjudicating upon four miscellaneous applications and one intervention application (clubbed together), vide its order delivered on December 8, 2017, held that a resolution plan approved by less than 75% voting share of the Committee of Creditors (CoC) as per the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC) is non-est in law.

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