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The Supreme Court dismissed the appeal challenging the approval of a resolution plan under Section 31 of the Insolvency and Bankruptcy Code, 2016. The Court observed that the resolution plan was approved by the Committee of Creditors in 2019, and the adjudicating authority sanctioned it in 2021, with the plan already implemented. Given these circumstances and the relevant contractual provisions, the Court found no justification to disturb the prior orders. Consequently, the impugned judgment of the NCLAT was upheld, and the appeal was dismissed, affirming the finality of the resolution process and the implementation of the plan.
The Supreme Court dismissed the appeal challenging the approval of a resolution plan under Section 31 of the Insolvency and Bankruptcy Code, 2016. The Court observed that the resolution plan was approved by the Committee of Creditors in 2019, and the adjudicating authority sanctioned it in 2021, with the plan already implemented. Given these circumstances and the relevant contractual provisions, the Court found no justification to disturb the prior orders. Consequently, the impugned judgment of the NCLAT was upheld, and the appeal was dismissed, affirming the finality of the resolution process and the implementation of the plan.
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