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Resolution plan for merger of cos. won't be violated due to overriding effect given to section 238 of IBC

December 18, 2018[2019] 101 265 (NCL-AT)

IBC: Where appellant/financial creditor alleged that existing debt of corporate debtor was suspiciously changed hands from a related party of corporate debtor to a third-party with mala fide ulterior motive of reducing its voting rights, since, third party had got all rights as per assignment agreements, allegations made by appellant based on conjuncture and surmised could not be accepted

IBC: In view of overriding effect given to section 238 over provisions of other Acts, resolution plan which provided for merger and amalgamation of companies could not be said to be illegal

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