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NCLAT held the appeals maintainable and overruled respondents' locus and consent-order objections, declaring that the Adjudicating Authority's remand of the approved resolution plan to the CoC effectively vitiated the prior CoC approval and warranted appellate scrutiny. The Tribunal observed the AA had not recorded any consensual waiver by the applicants and noted substantial objections remained; hence the impugned order was not a consent decree. NCLAT directed the CoC to re-examine the plan, including questions as to continued eligibility of the Resolution Applicant and any need to reconstitute the SRA, and clarified procedure for requisitioning a CoC meeting and potential replacement of the RP under the IBC regime. Appeals disposed.
NCLAT held the appeals maintainable and overruled respondents' locus and consent-order objections, declaring that the Adjudicating Authority's remand of the approved resolution plan to the CoC effectively vitiated the prior CoC approval and warranted appellate scrutiny. The Tribunal observed the AA had not recorded any consensual waiver by the applicants and noted substantial objections remained; hence the impugned order was not a consent decree. NCLAT directed the CoC to re-examine the plan, including questions as to continued eligibility of the Resolution Applicant and any need to reconstitute the SRA, and clarified procedure for requisitioning a CoC meeting and potential replacement of the RP under the IBC regime. Appeals disposed.
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