https://www.taxtmi.com/caselaws?id=759010 NCLAT held that Adjudicating Authority and Appellate Tribunal have limited jurisdiction to interfere with Resolution Plans approved by Committee of Creditors. Intervention is permitted only when plans violate Section 30(2) IBC statutory requirements. Rather than setting aside entire Resolution Plan for non-compliant clauses, NCLAT adopted approach of deleting only offending provisions contrary to Section 30(2)(e) while preserving compliant portions. Resolution Plan was partially modified by removing unlawful clauses, ensuring statutory compliance without disrupting approved elements. Application disposed of with modified plan. en-us Mon, 01 Jul 2024 00:00:00 +0530 Tue, 08 Oct 2024 10:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759010 NCLAT held that Adjudicating Authority and Appellate Tribunal have limited jurisdiction to interfere with Resolution Plans approved by Committee of Creditors. Intervention is permitted only when plans violate Section 30(2) IBC statutory requirements. Rather than setting aside entire Resolution Plan for non-compliant clauses, NCLAT adopted approach of deleting only offending provisions contrary to Section 30(2)(e) while preserving compliant portions. Resolution Plan was partially modified by removing unlawful clauses, ensuring statutory compliance without disrupting approved elements. Application disposed of with modified plan. Case-Laws IBC Mon, 01 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759010