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NCLAT dismissed the appeal challenging the resolution plan approval. The Tribunal upheld the Committee of Creditors' (CoC) commercial decision, finding no procedural impropriety in rejecting the appellant's revised payment proposal submitted after the stipulated deadline. The Tribunal emphasized that the challenge process document explicitly prohibits modification of resolution proposals post-submission. The resolution plan, approved with 73.38% vote share, was deemed valid, and the Tribunal declined to interfere with the CoC's commercial wisdom, thereby maintaining the original resolution plan's sanctity and procedural integrity.
NCLAT dismissed the appeal challenging the resolution plan approval. The Tribunal upheld the Committee of Creditors' (CoC) commercial decision, finding no procedural impropriety in rejecting the appellant's revised payment proposal submitted after the stipulated deadline. The Tribunal emphasized that the challenge process document explicitly prohibits modification of resolution proposals post-submission. The resolution plan, approved with 73.38% vote share, was deemed valid, and the Tribunal declined to interfere with the CoC's commercial wisdom, thereby maintaining the original resolution plan's sanctity and procedural integrity.
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