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NCLAT upheld the NCLT's rejection of the appellant's intervention and challenge to the approved Resolution Plan. It held that the appellant lacked locus standi, having already been denied intervention and not even being an unsuccessful Resolution Applicant, and thus was neither a necessary nor a proper party. NCLAT reiterated that adjudicating authorities cannot interfere with the commercial wisdom of the CoC absent a demonstrated violation of Section 30(2) of the I&B Code, which was not shown. Alleged information gaps and postulated asset value reduction were immaterial, as the SRA had acknowledged the liability. The appeal was found mala fide and was dismissed.
NCLAT upheld the NCLT's rejection of the appellant's intervention and challenge to the approved Resolution Plan. It held that the appellant lacked locus standi, having already been denied intervention and not even being an unsuccessful Resolution Applicant, and thus was neither a necessary nor a proper party. NCLAT reiterated that adjudicating authorities cannot interfere with the commercial wisdom of the CoC absent a demonstrated violation of Section 30(2) of the I&B Code, which was not shown. Alleged information gaps and postulated asset value reduction were immaterial, as the SRA had acknowledged the liability. The appeal was found mala fide and was dismissed.
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