https://www.taxtmi.com/caselaws?id=416027 Interference with a committee of creditors' approval of a resolution plan is confined to the limited grounds under the Insolvency and Bankruptcy Code, including material irregularity in the resolution professional's exercise of powers. The process here involved public notice, invitation of expression of interest, receipt and evaluation of multiple plans, and opportunities for applicants to improve their bids. The applicant seeking further time had already been given chances to cure deficiencies, and the committee was operating within the outer timeline for the corporate insolvency resolution process. No material irregularity was shown, so the appellate tribunal's interference was unwarranted and the successful resolution applicant's plan was restored. en-us Fri, 17 Dec 2021 00:00:00 +0530 Sun, 19 Dec 2021 20:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416027 Interference with a committee of creditors' approval of a resolution plan is confined to the limited grounds under the Insolvency and Bankruptcy Code, including material irregularity in the resolution professional's exercise of powers. The process here involved public notice, invitation of expression of interest, receipt and evaluation of multiple plans, and opportunities for applicants to improve their bids. The applicant seeking further time had already been given chances to cure deficiencies, and the committee was operating within the outer timeline for the corporate insolvency resolution process. No material irregularity was shown, so the appellate tribunal's interference was unwarranted and the successful resolution applicant's plan was restored. Case-Laws Insolvency and Bankruptcy Fri, 17 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416027