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Reopening of assessment cannot rest solely on an audit party's opinion; reassessment under Section 147/148 is impermissible and power of revision shou...
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The Appellate Tribunal held that the Committee of Creditors could reject the resolution plans and annul the insolvency process because the RFRP, read with the CIRP framework, reserved a general right to accept, reject or terminate the bid process at any stage without reasons. Although the bid framework contemplated negotiations and a challenge mechanism, it did not impose a mandatory bar on stopping the process before that stage. The record also showed the applicant participated, revised its plan, and was not denied an opportunity. As the plans were found financially non-viable and below liquidation value, the decision fell within the CoC's commercial wisdom and warranted no appellate interference.
The Appellate Tribunal held that the Committee of Creditors could reject the resolution plans and annul the insolvency process because the RFRP, read with the CIRP framework, reserved a general right to accept, reject or terminate the bid process at any stage without reasons. Although the bid framework contemplated negotiations and a challenge mechanism, it did not impose a mandatory bar on stopping the process before that stage. The record also showed the applicant participated, revised its plan, and was not denied an opportunity. As the plans were found financially non-viable and below liquidation value, the decision fell within the CoC's commercial wisdom and warranted no appellate interference.
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