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NCLAT dismissed an appeal challenging the rejection of a new resolution plan submission. The tribunal held that once a resolution plan is approved by the Committee of Creditors (CoC) and pending before the Adjudicating Authority, the CoC cannot entertain alternative plans. The CoC's approval creates a binding relationship between the CoC and Successful Resolution Applicant (SRA), even prior to the Adjudicating Authority's final approval. The appellant's argument regarding SRA's non-existence due to JV partner withdrawal was insufficient to override this principle. The tribunal affirmed established precedent that CoC lacks authority to consider new resolution plans after approving one that awaits adjudication.
NCLAT dismissed an appeal challenging the rejection of a new resolution plan submission. The tribunal held that once a resolution plan is approved by the Committee of Creditors (CoC) and pending before the Adjudicating Authority, the CoC cannot entertain alternative plans. The CoC's approval creates a binding relationship between the CoC and Successful Resolution Applicant (SRA), even prior to the Adjudicating Authority's final approval. The appellant's argument regarding SRA's non-existence due to JV partner withdrawal was insufficient to override this principle. The tribunal affirmed established precedent that CoC lacks authority to consider new resolution plans after approving one that awaits adjudication.
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