https://www.taxtmi.com/caselaws?id=311682 The NCLAT set aside the approved resolution plan after assessing financial creditors constituting 94.98% filed an affidavit seeking reconsideration due to unprecedented 95% haircut and public interest concerns. The tribunal held that the Committee of Creditors (CoC) has power to reconsider decisions and is not functus officio upon approval. The resolution plan failed to comply with Section 30(2)(b) and Section 31 of the Code, particularly lacking prior Competition Commission approval as mandated by proviso to Section 31(4). The tribunal emphasized statutory compliances fall outside CoC's commercial wisdom domain. The matter was remitted back to CoC for completion of Corporate Insolvency Resolution Process in accordance with Code provisions. Appeal dismissed. en-us Wed, 05 Jan 2022 00:00:00 +0530 Mon, 18 May 2026 17:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311682 The NCLAT set aside the approved resolution plan after assessing financial creditors constituting 94.98% filed an affidavit seeking reconsideration due to unprecedented 95% haircut and public interest concerns. The tribunal held that the Committee of Creditors (CoC) has power to reconsider decisions and is not functus officio upon approval. The resolution plan failed to comply with Section 30(2)(b) and Section 31 of the Code, particularly lacking prior Competition Commission approval as mandated by proviso to Section 31(4). The tribunal emphasized statutory compliances fall outside CoC's commercial wisdom domain. The matter was remitted back to CoC for completion of Corporate Insolvency Resolution Process in accordance with Code provisions. Appeal dismissed. Case-Laws IBC Wed, 05 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311682