An operational creditor sought to assail approval of a CIRP...

An operational creditor sought to assail approval of a CIRP resolution plan through collateral proceedings, contending prejudice in payments vis-à-vis liquidation value. The record showed the creditor had prior knowledge of the plan and CoC deliberations, including receipt of minutes before adjudicating authority approval, and had even acted on that knowledge by seeking to submit its own plan. Having failed to institute a proper statutory challenge to the plan approval within the prescribed framework, the creditor could not maintain an indirect, parallel challenge to reopen the plan. The appeals were dismissed and the plan approval was left undisturbed. - SC