Resolution plan approval depends on statutory compliance; tribunal review is limited and extra waivers beyond the plan are refused.

A resolution plan under the insolvency framework must satisfy mandatory statutory conditions, including priority payment of insolvency resolution process costs, fair treatment of operational creditors and dissenting financial creditors, compliance with eligibility and procedural requirements, and approval by the requisite voting share of the committee of creditors. The adjudicating authority's role is limited to checking statutory compliance and does not extend to substituting commercial judgment or modifying the plan. Requests for blanket waivers or concessions, including tax-related reliefs, cannot be granted outside the plan and must be pursued before the competent authorities in accordance with law. Once approved, the plan binds the corporate debtor and stakeholders.

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Issues: (i) Whether the resolution plan, as approved by the committee of creditors, satisfied the statutory requirements for approval under the insolvency framework; (ii) Whether the requested waivers and concessions could be granted by the adjudicating authority.

Issue (i): Whether the resolution plan, as approved by the committee of creditors, satisfied the statutory requirements for approval under the insolvency framework.

Analysis: The plan was examined for compliance with the mandatory requirements governing resolution plans, including payment of insolvency resolution process costs in priority, treatment of operational creditors and dissenting or abstaining financial creditors, management and supervision mechanisms, eligibility of the resolution applicant, and the procedural requirements under the resolution process regulations. The committee of creditors approved the revised plan with the requisite voting share, and the plan was found to be in conformity with the statutory conditions for approval. The adjudicating authority's role was treated as confined to verifying compliance with the statutory parameters and not substituting its own commercial assessment for that of the committee of creditors.

Conclusion: The resolution plan was held to be approvable and was approved.

Issue (ii): Whether the requested waivers and concessions could be granted by the adjudicating authority.

Analysis: The request for waiver of statutory liabilities, including the tax-related claim concerning minimum alternate tax, and for other concessions was considered separately. The authority declined to grant blanket reliefs or directions overriding statutory processes, and held that such matters had to be pursued before the competent authorities in accordance with law. The resolution plan was to operate on the basis of the liabilities specified in it, consistent with the clean slate principle, but without any extra-judicial concession beyond the plan itself.

Conclusion: The requested waivers and concessions were refused.

Final Conclusion: The resolution plan stood approved and became binding on the corporate debtor and all stakeholders, while the ancillary requests for additional waivers and concessions were declined.

Ratio Decidendi: Once the committee of creditors approves a resolution plan with the requisite voting share, the adjudicating authority's scrutiny is confined to statutory compliance under the insolvency code and it cannot modify the plan or grant concessions beyond law.

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