The SC dismissed the appeals, upholding approval and implementation principles under the IBC. It held appellants (erstwhile promoters) had standing to challenge matters affecting guarantor rights but their conduct sought to thwart the CIRP and occasioned delays; NCLT costs against them were affirmed. The Court confirmed the CoC subsists until a resolution plan is implemented or liquidation ordered and retains authority over CIRP decisions. Delays in plan implementation were attributed to criminal and financial investigations impairing handover of unencumbered assets, not to the resolution applicant. Payments for pre-CIRP dues lacked CoC approval and were irregular; entitlement to EBITDA as claimed was unsubstantiated. No substantial question of law arose; appeals dismissed.
The SC dismissed the appeals, upholding approval and implementation principles under the IBC. It held appellants (erstwhile promoters) had standing to challenge matters affecting guarantor rights but their conduct sought to thwart the CIRP and occasioned delays; NCLT costs against them were affirmed. The Court confirmed the CoC subsists until a resolution plan is implemented or liquidation ordered and retains authority over CIRP decisions. Delays in plan implementation were attributed to criminal and financial investigations impairing handover of unencumbered assets, not to the resolution applicant. Payments for pre-CIRP dues lacked CoC approval and were irregular; entitlement to EBITDA as claimed was unsubstantiated. No substantial question of law arose; appeals dismissed.
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