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Insolvency and BankruptcyFebruary 16, 2024Case LawsAT
Rejection of Resolution Plan - The appellant argued before the Adjudicating Authority and subsequently in the Appeals that his plan, being submitted by an MSME (Micro, Small, and Medium Enterprises) promoter, should have been given more weight. - The NCLAT emphasized that its role is not to question the commercial wisdom of the CoC unless there are glaring omissions or statutory violations. The decision to approve the resolution plan of 'Eastern Copper Manufacturing Company Pvt. Ltd.' was upheld based on this principle.
Rejection of Resolution Plan - The appellant argued before the Adjudicating Authority and subsequently in the Appeals that his plan, being submitted by an MSME (Micro, Small, and Medium Enterprises) promoter, should have been given more weight. - The NCLAT emphasized that its role is not to question the commercial wisdom of the CoC unless there are glaring omissions or statutory violations. The decision to approve the resolution plan of 'Eastern Copper Manufacturing Company Pvt. Ltd.' was upheld based on this principle.
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