https://www.taxtmi.com/caselaws?id=447743 The NCLAT set aside an Adjudicating Authority's order that remitted a resolution plan back to the Committee of Creditors (CoC) for reconsideration. The tribunal held that once a resolution plan is approved by the CoC, it becomes binding and cannot be reviewed by the CoC itself. The case involved delays in implementation of previous resolution plans by the appellant, but the CoC was aware of these delays when approving the current plan. Since the CoC did not claim any violation of Section 30(2) provisions and there were no valid grounds for reconsideration, both appeals were allowed. en-us Fri, 22 Dec 2023 00:00:00 +0530 Thu, 04 Jan 2024 09:10:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447743 The NCLAT set aside an Adjudicating Authority's order that remitted a resolution plan back to the Committee of Creditors (CoC) for reconsideration. The tribunal held that once a resolution plan is approved by the CoC, it becomes binding and cannot be reviewed by the CoC itself. The case involved delays in implementation of previous resolution plans by the appellant, but the CoC was aware of these delays when approving the current plan. Since the CoC did not claim any violation of Section 30(2) provisions and there were no valid grounds for reconsideration, both appeals were allowed. Case-Laws Insolvency and Bankruptcy Fri, 22 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447743