Appeal dismissed and 01.07.2024 order affirmed; review limited to Section 30(2)(e) compliance, not commercial merits The SC dismissed the appeal and affirmed the NCLAT order dated 01.07.2024, holding there was no reason to interfere. The Court agreed that the ...
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Appeal dismissed and 01.07.2024 order affirmed; review limited to Section 30(2)(e) compliance, not commercial merits
The SC dismissed the appeal and affirmed the NCLAT order dated 01.07.2024, holding there was no reason to interfere. The Court agreed that the adjudicatory scope of the NCLT and the Appellate Tribunal is confined to assessing whether a resolution plan complies with Section 30(2)(e) of the IBC, limiting judicial review to statutory requirements rather than merits of commercial decisions. The impugned resolution plan and the tribunal's conclusion were therefore upheld.
"Delay condoned." The Court declined to disturb the impugned judgment/order dated 01.07.2024 of the National Company Law Appellate Tribunal, holding there is "no good ground and reason to interfere" with that decision. Consequently, "The appeal is, accordingly, dismissed." All pending application(s) were ordered to "stand disposed of." The order is limited to condonation of delay and affirmation of the appellate tribunal's decision; no further substantive alteration or remand was made.
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