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NCLAT upheld CoC's decision to reject appellant's late resolution plan submission in CIRP proceedings. CoC had already initiated voting on three existing plans when appellant submitted request on 13.07.2023 followed by plan on 23.07.2023. CoC's deliberation revealed appellant's non-binding bid of Rs.23 crores through Phoenix ARC had expired, raising doubts about resolution integrity. Pinax's resolution plan secured 97% vote share during 19.07.2023-11.08.2023 voting period. NCLAT found no grounds to interfere with CoC's commercial wisdom under Section 61(3) of IBC, affirming Adjudicating Authority's approval dated 20.12.2024. Appeal dismissed as appellant failed to demonstrate procedural violations or legal infirmity in CoC's decision-making process.
NCLAT upheld CoC's decision to reject appellant's late resolution plan submission in CIRP proceedings. CoC had already initiated voting on three existing plans when appellant submitted request on 13.07.2023 followed by plan on 23.07.2023. CoC's deliberation revealed appellant's non-binding bid of Rs.23 crores through Phoenix ARC had expired, raising doubts about resolution integrity. Pinax's resolution plan secured 97% vote share during 19.07.2023-11.08.2023 voting period. NCLAT found no grounds to interfere with CoC's commercial wisdom under Section 61(3) of IBC, affirming Adjudicating Authority's approval dated 20.12.2024. Appeal dismissed as appellant failed to demonstrate procedural violations or legal infirmity in CoC's decision-making process.
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