https://www.taxtmi.com/caselaws?id=433885 The Appellate Tribunal held that the Adjudicating Authority erred in remitting the Resolution Plan for reconsideration before the Committee of Creditors (CoC) as the approved plan is binding. It was determined that the CoC cannot change its stance post-approval, even considering external factors like COVID-19's impact on the hotel industry. The principle of maximizing the Corporate Debtor's value does not justify reopening the Corporate Insolvency Resolution Process (CIRP) after plan approval. The Tribunal set aside the order and remitted the matter for a fresh decision within three months, allowing the appeal with no costs. en-us Thu, 09 Feb 2023 00:00:00 +0530 Sat, 11 Feb 2023 12:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433885 The Appellate Tribunal held that the Adjudicating Authority erred in remitting the Resolution Plan for reconsideration before the Committee of Creditors (CoC) as the approved plan is binding. It was determined that the CoC cannot change its stance post-approval, even considering external factors like COVID-19's impact on the hotel industry. The principle of maximizing the Corporate Debtor's value does not justify reopening the Corporate Insolvency Resolution Process (CIRP) after plan approval. The Tribunal set aside the order and remitted the matter for a fresh decision within three months, allowing the appeal with no costs. Case-Laws Insolvency and Bankruptcy Thu, 09 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433885