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Issues: Whether the appeal could be entertained to indirectly challenge the approved resolution plan and the eligibility of the successful resolution applicant after the plan had attained finality and remained unchallenged.
Analysis: The Resolution Plan had already been approved by the competent adjudicating authority and had not been separately challenged through the available appellate channel. Once the statutory hierarchy of remedies for questioning acceptance of a resolution plan was not invoked, and the plan had attained finality and been acted upon, indirect interference with it at a later stage was held to be impermissible. The Court found that the approval of the Resolution Plan was independent of the impugned appellate order and that the late challenge could not reopen issues that had already concluded.
Conclusion: The appeal was not maintainable to the extent it sought indirect interference with the finalised Resolution Plan, and the challenge failed.
Final Conclusion: The appeal was dismissed on the ground that the approved Resolution Plan had attained finality and could not be disturbed indirectly at the present stage.
Ratio Decidendi: Once a resolution plan under the Insolvency and Bankruptcy Code, 2016 has attained finality and the statutory remedies against its approval are not pursued, it cannot be challenged indirectly in collateral proceedings.
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