Appeal dismissed; resolution plan below liquidation value upheld; suspended director lacks locus after control passed to IRP and CoC

The SC dismissed the appeal, upholding approval of a resolution plan whose value was below liquidation value. The Court held the suspended director lacked locus to challenge the approval once control passed to the IRP and CoC. It found no legal bar to the CoC approving a plan below liquidation value, viewing it as within the CoC's commercial wisdom, and declined to interfere with the NCLAT judgment.

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The Supreme Court dismissed the appeal, holding: "We do not find any good ground and reason to interfere with the impugned judgment and hence, the present appeal is dismissed." The order is final in the appeal context and contains no substantive modification of the impugned judgment; no further remittal or directions are recorded. All pending application(s) before the Court are ordered to "stand disposed of," thereby terminating ancillary interlocutory proceedings related to the appeal. The decree reflects an exercise of appellate restraint and affirms the lower court's decision without elaboration of additional legal reasoning or alteration of rights and liabilities determined below.

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