https://www.taxtmi.com/caselaws?id=427962 The Insolvency and Bankruptcy Code, 2016 and CIRP Regulations require strict compliance with the prescribed timeline and procedure for submission and consideration of resolution plans. A belated resolution plan submitted after expiry of the CIRP timeline cannot be entertained on equitable grounds, especially where the CoC has already exercised its commercial wisdom and approved another plan. The Adjudicating Authority's role is confined to checking statutory compliance and does not extend to directing reconsideration of an out-of-time plan or substituting its view for the CoC's decision. Accordingly, the direction to place the late plan before the CoC was unsustainable and was set aside. en-us Mon, 19 Sep 2022 00:00:00 +0530 Wed, 21 Sep 2022 12:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427962 The Insolvency and Bankruptcy Code, 2016 and CIRP Regulations require strict compliance with the prescribed timeline and procedure for submission and consideration of resolution plans. A belated resolution plan submitted after expiry of the CIRP timeline cannot be entertained on equitable grounds, especially where the CoC has already exercised its commercial wisdom and approved another plan. The Adjudicating Authority's role is confined to checking statutory compliance and does not extend to directing reconsideration of an out-of-time plan or substituting its view for the CoC's decision. Accordingly, the direction to place the late plan before the CoC was unsustainable and was set aside. Case-Laws Insolvency and Bankruptcy Mon, 19 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427962