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NCLAT upheld the Resolution Plan submitted by the Successful Resolution Applicant, finding no valid grounds for rejection. The Appellate Tribunal determined that the Committee of Creditors (CoC), comprising majority homebuyers, approved the plan with 91% vote share. The Tribunal emphasized that absent specific violations of Section 30(2), the Adjudicating Authority cannot override the CoC's commercial wisdom. No stakeholder raised objections to the valuation, and the Successful Resolution Applicant committed to addressing statutory liabilities. Consequently, the NCLAT set aside the lower court's order, allowing the Resolution Plan and providing relief to the corporate debtor's creditors.
NCLAT upheld the Resolution Plan submitted by the Successful Resolution Applicant, finding no valid grounds for rejection. The Appellate Tribunal determined that the Committee of Creditors (CoC), comprising majority homebuyers, approved the plan with 91% vote share. The Tribunal emphasized that absent specific violations of Section 30(2), the Adjudicating Authority cannot override the CoC's commercial wisdom. No stakeholder raised objections to the valuation, and the Successful Resolution Applicant committed to addressing statutory liabilities. Consequently, the NCLAT set aside the lower court's order, allowing the Resolution Plan and providing relief to the corporate debtor's creditors.
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