Resolution-plan modification after a challenge mechanism may...

Resolution-plan modification after a challenge mechanism may address statutory compliance through clarifications authorised by the RFRP, where material queries are circulated to all applicants; unilateral revised bids may be declined under the CoC's commercial discretion. The applicable framework permits the Resolution Professional to place non-compliant plans before the CoC, provided compliance is achieved before approval. CoC-accepted statutory valuations are not reopened without material disparity or glaring illegality. A suspended director who is also a personal guarantor and unsuccessful applicant may challenge plan approval. Where the RFRP states that a special purpose company "may" be incorporated, it is optional; the successful consortium must retain over 50% shareholding until plan implementation. The approved plan remained undisturbed.