https://www.taxtmi.com/caselaws?id=759696 The NCLAT dismissed appeals challenging approval of a resolution plan submitted by an energy company. Unsuccessful resolution applicants alleged material irregularities by the Resolution Professional and Committee of Creditors, claiming the successful applicant was permitted to modify key commercial terms under the guise of seeking clarifications. The NCLAT held that only clarifications were sought from all resolution applicants after the CoC decision, not modifications to resolution plans. The tribunal found no sufficient grounds under Section 61(3)(ii) of the IBC to interfere with the Adjudicating Authority's approval of the resolution plan. en-us Tue, 01 Oct 2024 00:00:00 +0530 Sat, 05 Oct 2024 12:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759696 The NCLAT dismissed appeals challenging approval of a resolution plan submitted by an energy company. Unsuccessful resolution applicants alleged material irregularities by the Resolution Professional and Committee of Creditors, claiming the successful applicant was permitted to modify key commercial terms under the guise of seeking clarifications. The NCLAT held that only clarifications were sought from all resolution applicants after the CoC decision, not modifications to resolution plans. The tribunal found no sufficient grounds under Section 61(3)(ii) of the IBC to interfere with the Adjudicating Authority's approval of the resolution plan. Case-Laws IBC Tue, 01 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759696