https://www.taxtmi.com/caselaws?id=417717 The National Company Law Appellate Tribunal (NCLAT) held that the Adjudicating Authority cannot direct the Committee of Creditors (CoC) to consider a settlement proposal after the CoC has approved a resolution plan and while awaiting the Adjudicating Authority's approval. The NCLAT emphasized that once a resolution plan is approved by the CoC, negotiations or modifications are not permissible. Additionally, the NCLAT ruled that the Adjudicating Authority lacks jurisdiction to compel the CoC to consider a settlement proposal that does not adhere to the Insolvency and Bankruptcy Code (IBC) or its regulations. The NCLAT set aside previous orders directing consideration of a non-compliant settlement proposal, deeming them beyond the Adjudicating Authority's jurisdiction. en-us Thu, 27 Jan 2022 00:00:00 +0530 Mon, 31 Jan 2022 10:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417717 The National Company Law Appellate Tribunal (NCLAT) held that the Adjudicating Authority cannot direct the Committee of Creditors (CoC) to consider a settlement proposal after the CoC has approved a resolution plan and while awaiting the Adjudicating Authority's approval. The NCLAT emphasized that once a resolution plan is approved by the CoC, negotiations or modifications are not permissible. Additionally, the NCLAT ruled that the Adjudicating Authority lacks jurisdiction to compel the CoC to consider a settlement proposal that does not adhere to the Insolvency and Bankruptcy Code (IBC) or its regulations. The NCLAT set aside previous orders directing consideration of a non-compliant settlement proposal, deeming them beyond the Adjudicating Authority's jurisdiction. Case-Laws Insolvency and Bankruptcy Thu, 27 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417717