The Insolvency and Bankruptcy Board of India (IBBI) has raised concerns regarding a resolution plan approved by the Resolution Professional. The plan, proposed by the 2nd Respondent, Mahendra Wig, involves a 'one time settlement'. IBBI argues that this type of settlement is not permissible under the Insolvency and Bankruptcy Code. Furthermore, it is alleged that Mahendra Wig is a related party to the Corporate Debtor. The relevance of these facts lies in determining the legality and validity of the resolution plan under the existing insolvency laws.

The Insolvency and Bankruptcy Board of India (IBBI) has raised concerns regarding a resolution plan approved by the Resolution Professional. The plan, proposed by the 2nd Respondent, Mahendra Wig, involves a 'one time settlement'. IBBI argues that this type of settlement is not permissible under the Insolvency and Bankruptcy Code. Furthermore, it is alleged that Mahendra Wig is a related party to the Corporate Debtor. The relevance of these facts lies in determining the legality and validity of the resolution plan under the existing insolvency laws.