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NCLAT ruled on NCLT's authority to modify resolution plans under IBC. Court held NCLT's powers do not extend to examining CoC's commercial wisdom or conducting quantitative analysis for specific creditors when mandatory requirements are met. Resolution plan approved with 79.10% voting share was deemed valid. NCLT lacks jurisdiction to direct distribution of recoverable amounts among creditors while approving plans. Regarding dissenting financial creditor's standing, NCLAT followed SC precedent that such creditors cannot challenge CoC-approved plans unless proceeds fall below Section 53(1) entitlements. Appeals by dissenting creditor dismissed as afterthought, noting their prior participation in CoC meetings and negotiations. Original modifications to resolution plan set aside in related appeals.
NCLAT ruled on NCLT's authority to modify resolution plans under IBC. Court held NCLT's powers do not extend to examining CoC's commercial wisdom or conducting quantitative analysis for specific creditors when mandatory requirements are met. Resolution plan approved with 79.10% voting share was deemed valid. NCLT lacks jurisdiction to direct distribution of recoverable amounts among creditors while approving plans. Regarding dissenting financial creditor's standing, NCLAT followed SC precedent that such creditors cannot challenge CoC-approved plans unless proceeds fall below Section 53(1) entitlements. Appeals by dissenting creditor dismissed as afterthought, noting their prior participation in CoC meetings and negotiations. Original modifications to resolution plan set aside in related appeals.
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