Resolution plan appeals are limited to section 61(3) grounds; contractual rights alone cannot justify interference.

An appeal against approval of a resolution plan is maintainable only on the limited grounds in section 61(3) of the Insolvency and Bankruptcy Code, including contravention of law, material irregularity by the resolution professional, failure to provide for operational creditors, non-payment of insolvency resolution process costs in priority, or non-compliance with Board criteria. Where the appellant had not lodged a claim in the CIRP and did not qualify as a creditor, it lacked a legally cognisable basis to challenge the plan. A challenge resting on contractual rights and pre-emptive entitlement did not fall within the statutory appellate grounds, and no permissible ground for interference was shown.

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Issues: Whether the appeal against approval of the resolution plan disclosed any ground under section 61(3) of the Insolvency and Bankruptcy Code, 2016, and whether the appellant had any legally cognisable status to challenge the plan.

Analysis: The appellant had not lodged any claim in the corporate insolvency resolution process and did not fall within the definition of a creditor under section 3(10) of the Insolvency and Bankruptcy Code, 2016. An appeal against approval of a resolution plan can succeed only on the limited grounds specified in section 61(3), namely contravention of law, material irregularity by the resolution professional, non-provision for operational creditors, non-payment of insolvency resolution process costs in priority, or non-compliance with Board criteria. The record disclosed no material to show any of these statutory grounds. The challenge founded on contractual rights and pre-emptive entitlement did not bring the case within the appellate grounds under the insolvency .

Conclusion: The appeal did not satisfy the statutory grounds for interference and was liable to be rejected.

Final Conclusion: The approved resolution plan was left undisturbed and the challenge to it failed for want of a permissible ground of appeal.

Ratio Decidendi: An appeal against approval of a resolution plan lies only on the specific grounds enumerated in section 61(3) of the Insolvency and Bankruptcy Code, 2016, and absent proof of any such ground, the appellate tribunal cannot interfere.

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