TaxTMI Login
AI OCR ✕Convert scanned orders, printed notices, PDFs and images into clean, searchable, editable text within seconds. Starting at 2 Credits/page
Try Now →Just a moment...
AI OCR ✕Convert scanned orders, printed notices, PDFs and images into clean, searchable, editable text within seconds. Starting at 2 Credits/page
Try Now →
Press 'Enter' to add multiple search terms. Rules for Better Search
Use comma for multiple locations.
---------------- For section wise search only -----------------
Accuracy Level ~ 90%
of 
Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
All Case Laws
of Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
All Case Laws
Note
Bookmark
Share
Don't have an account? Register Here
of Press 'Enter' after typing page number.
Issues: Whether a resolution plan submitted after the expiry of the CIRP timeline and after the CoC had already approved another plan could still be directed to be placed before the CoC for consideration.
Analysis: The statutory scheme of the Insolvency and Bankruptcy Code, 2016 and the CIRP Regulations requires strict adherence to timelines and procedure for submission, scrutiny and approval of resolution plans. A resolution plan received after the time specified under the process cannot be entertained merely on equitable considerations. Once the CoC has exercised its commercial wisdom and approved a plan, the Adjudicating Authority's jurisdiction is limited to examining compliance with the statutory requirements and does not extend to directing reconsideration of a belated plan or substituting its own view for the CoC's commercial decision. The later submission by the respondents, after they had earlier declined participation, was beyond the permissible process and could not revive their entitlement to have the plan placed before the CoC.
Conclusion: The direction to place the belated resolution plan before the CoC was unsustainable and was set aside; the issue was decided in favour of the appellant.
Ratio Decidendi: Belated resolution plans submitted beyond the CIRP timeline cannot be directed for CoC consideration once the statutory process has advanced to CoC approval, because the Adjudicating Authority cannot override the commercial wisdom of the CoC or expand the Code's time-bound framework on equitable grounds.
TaxTMI 
TaxTMI 
