<h1>Committee of Creditors Defends Resolution Plan Under IBC, Challenges Former Promoters' Standing to Intervene</h1> The committee of creditors (CoC) in the liquidation case of a steel company opposed a Supreme Court plea by former promoters, challenging its maintainability and their locus standi. Represented by the Solicitor General, the CoC defended the approved resolution plan by a successful resolution applicant, asserting the former promoters caused the company's financial downfall and have no standing to intervene. The CoC emphasized its legal authority under the Insolvency and Bankruptcy Code (IBC) to revisit decisions until the court's final ruling and highlighted significant financial claims related to delay in plan implementation. The resolution applicant's counsel attributed delays to regulatory asset attachments and argued against the former promoters' involvement, citing precedent to protect the IBC process's integrity. The court is reconsidering prior orders that had set aside the resolution plan and ordered liquidation, with the CoC urging swift implementation to avoid further losses to creditors.