https://www.taxtmi.com/caselaws?id=758085 The NCLAT dismissed an appeal challenging the approval of a resolution plan. The appellant alleged that the resolution professional failed to properly scrutinize plans and that the Committee of Creditors (CoC) improperly applied commercial wisdom. The NCLAT held that when a resolution plan is approved by CoC with requisite 66% majority after due deliberations, it becomes a binding collective business decision. The tribunal emphasized that CoC's commercial wisdom cannot be fettered, and the Adjudicating Authority has limited jurisdiction in reviewing resolution plans under Section 30(2) of IBC. Creditor haircuts do not violate statutory provisions. The court found no transgression of rules causing miscarriage of justice, affirming the resolution plan approval. en-us Wed, 04 Sep 2024 00:00:00 +0530 Fri, 06 Sep 2024 16:52:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758085 The NCLAT dismissed an appeal challenging the approval of a resolution plan. The appellant alleged that the resolution professional failed to properly scrutinize plans and that the Committee of Creditors (CoC) improperly applied commercial wisdom. The NCLAT held that when a resolution plan is approved by CoC with requisite 66% majority after due deliberations, it becomes a binding collective business decision. The tribunal emphasized that CoC's commercial wisdom cannot be fettered, and the Adjudicating Authority has limited jurisdiction in reviewing resolution plans under Section 30(2) of IBC. Creditor haircuts do not violate statutory provisions. The court found no transgression of rules causing miscarriage of justice, affirming the resolution plan approval. Case-Laws Insolvency and Bankruptcy Wed, 04 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758085