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The NCLAT upheld the Adjudicating Authority's order approving the Resolution Plan, which was approved by the CoC with 70.07% voting share. The Appellant, a dissenting financial creditor with 6.64% voting share, challenged the CoC's decision to deduct Rs. 34 crores from its payout. The NCLAT held that the CoC's commercial wisdom in approving the Resolution Plan, including the manner of distribution, binds all stakeholders, including dissenting financial creditors, as per Supreme Court precedents. The appeal was dismissed, validating the CoC's decision based on its commercial wisdom and the binding nature of the approved Resolution Plan on dissenting creditors.
The NCLAT upheld the Adjudicating Authority's order approving the Resolution Plan, which was approved by the CoC with 70.07% voting share. The Appellant, a dissenting financial creditor with 6.64% voting share, challenged the CoC's decision to deduct Rs. 34 crores from its payout. The NCLAT held that the CoC's commercial wisdom in approving the Resolution Plan, including the manner of distribution, binds all stakeholders, including dissenting financial creditors, as per Supreme Court precedents. The appeal was dismissed, validating the CoC's decision based on its commercial wisdom and the binding nature of the approved Resolution Plan on dissenting creditors.
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