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Avoidance Application Cannot Be Adjudicated By NCLT After Approval Of Resolution Plan: Delhi High Court

The Delhi High Court has held that an application for avoidance of a preferential transaction, though filed prior to the Resolution Plan being approved, cannot be heard and adjudicated by the NCLT, at the instance of the Resolution Professional, after the approval of the Resolution Plan.
The continuation of a RP or filing of an application for the purpose of prosecuting an avoidance application as a `Former RP’ is beyond the contemplation of the Insolvency and Bankruptcy Code, Justice Prathiba M. Singh observed.

Asia Law Offices advised a major transnational strategic collaboration between its client, UAE-Based Pharmax Pharmaceuticals, and Swiss pharma major Acino Pharmaceuticals.

ALO represented Pharmax in the structuring and closure of entire transaction documents of the significant collaboration.

The collaboration framework extends to licensing, manufacturing, and supply of Acino formulations within the gastroenterology and the cardiovascular space throughout the Middle East and Africa.