https://www.taxtmi.com/caselaws?id=291790 The NCLT rejected the Resolution Applicant's intervention application seeking reconsideration of their rejected Resolution Plan by the COC. The Tribunal emphasized that the absence of a subrogation clause did not automatically lead to rejection, highlighting the unique nature of each case. Referring to a Supreme Court judgment, the NCLT reiterated its limited authority to question COC decisions, emphasizing adherence to statutory provisions and the initiation of liquidation proceedings when necessary. Consequently, the intervention application was deemed lacking merit and rejected for non-maintainability. en-us Wed, 16 Oct 2019 00:00:00 +0530 Tue, 24 Nov 2020 20:21:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291790 The NCLT rejected the Resolution Applicant's intervention application seeking reconsideration of their rejected Resolution Plan by the COC. The Tribunal emphasized that the absence of a subrogation clause did not automatically lead to rejection, highlighting the unique nature of each case. Referring to a Supreme Court judgment, the NCLT reiterated its limited authority to question COC decisions, emphasizing adherence to statutory provisions and the initiation of liquidation proceedings when necessary. Consequently, the intervention application was deemed lacking merit and rejected for non-maintainability. Case-Laws Insolvency and Bankruptcy Wed, 16 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291790