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NCLAT held that suspended board members lack locus standi to challenge the Resolution Plan under IBC Section 61. The Tribunal affirmed the Committee of Creditors' commercial wisdom, finding the Resolution Plan valid despite minimal allocation to employees/workmen. The Plan's distribution mechanism was deemed compliant with statutory requirements, as operational creditors would receive amounts exceeding liquidation value. The Appellate Tribunal emphasized that judicial review under Section 31 is limited, and the CoC's decision-making authority remains paramount. Consequently, the appeal was dismissed, upholding the original resolution plan approval.
NCLAT held that suspended board members lack locus standi to challenge the Resolution Plan under IBC Section 61. The Tribunal affirmed the Committee of Creditors' commercial wisdom, finding the Resolution Plan valid despite minimal allocation to employees/workmen. The Plan's distribution mechanism was deemed compliant with statutory requirements, as operational creditors would receive amounts exceeding liquidation value. The Appellate Tribunal emphasized that judicial review under Section 31 is limited, and the CoC's decision-making authority remains paramount. Consequently, the appeal was dismissed, upholding the original resolution plan approval.
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