https://www.taxtmi.com/caselaws?id=753444 Judicial review of an approved resolution plan is confined to statutory grounds of non-compliance under the insolvency framework. The adjudicating authority cannot reject a plan merely because it considers the plan value lower than fair value or liquidation value, and missing documents should ordinarily be called for rather than used to reject the plan outright. The authority also cannot substitute its own view for the commercial wisdom of the committee of creditors on bid pricing, bidder selection, or realisation. The impugned order was set aside, and the application for approval of the resolution plan was revived for fresh consideration with permission to file the relevant documents. en-us Thu, 30 May 2024 00:00:00 +0530 Sat, 01 Jun 2024 11:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753444 Judicial review of an approved resolution plan is confined to statutory grounds of non-compliance under the insolvency framework. The adjudicating authority cannot reject a plan merely because it considers the plan value lower than fair value or liquidation value, and missing documents should ordinarily be called for rather than used to reject the plan outright. The authority also cannot substitute its own view for the commercial wisdom of the committee of creditors on bid pricing, bidder selection, or realisation. The impugned order was set aside, and the application for approval of the resolution plan was revived for fresh consideration with permission to file the relevant documents. Case-Laws Insolvency and Bankruptcy Thu, 30 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753444