Resolution plan compliance and creditor commercial wisdom upheld; statutory waivers refused absent separate legal authority.

The resolution plan was approved because it complied with the Insolvency and Bankruptcy Code, 2016 and the CIRP Regulations, including treatment of CIRP costs, payments to operational creditors and dissenting financial creditors, disclosure requirements, and eligibility under Section 29A. The Adjudicating Authority confined its review to statutory parameters and did not interfere with the Committee of Creditors' commercial wisdom. The request for reliefs, concessions and waivers was refused because approval of a resolution plan does not itself waive statutory liabilities or obligations; any such waiver must be considered by the competent authorities in accordance with law.

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Issues: (i) Whether the resolution plan satisfied the requirements of the Insolvency and Bankruptcy Code, 2016 and the CIRP Regulations so as to merit approval; (ii) Whether the request for reliefs, concessions and waivers could be granted while approving the plan.

Issue (i): Whether the resolution plan satisfied the requirements of the Insolvency and Bankruptcy Code, 2016 and the CIRP Regulations so as to merit approval.

Analysis: The plan was placed before the Adjudicating Authority after approval by the Committee of Creditors with the requisite voting share. The plan was found to comply with the mandatory requirements under the Code and the CIRP Regulations, including treatment of CIRP costs, payments to operational creditors and dissenting financial creditors, disclosure under the prescribed regulations, and the eligibility requirement under Section 29A. The Adjudicating Authority also noted the settled position that its review is confined to the statutory parameters and cannot trespass upon the commercial wisdom of the Committee of Creditors.

Conclusion: The resolution plan satisfied the statutory requirements and was approved.

Issue (ii): Whether the request for reliefs, concessions and waivers could be granted while approving the plan.

Analysis: The approval of a resolution plan does not automatically confer a waiver of statutory obligations or liabilities. Any waiver or concession requires consideration by the competent authorities in accordance with law. The plan could be approved, but the requested waivers and concessions were not granted as part of the order.

Conclusion: The request for reliefs, concessions and waivers was refused.

Final Conclusion: The resolution plan was sanctioned as compliant with the governing insolvency framework, while statutory liabilities and third-party approvals were left to be dealt with by the appropriate authorities under law.

Ratio Decidendi: In insolvency resolution, the Adjudicating Authority's scrutiny is confined to statutory compliance under the Code and Regulations, and it cannot modify a plan approved by the Committee of Creditors in exercise of its commercial wisdom.

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