The tribunal held that approval of the resolution plan cannot be subjected to the ongoing arbitral proceedings between the parties
The National Company Law Tribunal (NCLT) of Bengaluru bench has held that all claims including subject matter of ongoing arbitration proceedings will stand extinguished after the approval of the Resolution Plan under Insolvency Bankruptcy Code (IBC), 2016.
In February 2019, Vikas Telecom Private Limited (Developer/VTPL) appointed Synergy Property Development Services Pvt. Ltd. (Synergy) [currently Colliers International (India) Property Services Limited’s (Colliers)] as the Project Management Consultant of Parcel 3A & MLCP at Embassy Tech Village, Devarabisanahalli Village, Bangalore (Project).
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