https://www.taxtmi.com/caselaws?id=761741 The NCLAT dismissed an appeal challenging approval of a resolution plan under IBC. The appellant argued the plan was no longer implementable due to five years lapse and deteriorated financial status of the corporate debtor. The NCLAT held that the plan contained effective implementation provisions as noted by the adjudicating authority. The resolution professional's affidavit confirmed the corporate debtor remained a going concern despite pandemic impact. The tribunal emphasized that feasibility and viability assessment falls within the commercial wisdom of the Committee of Creditors, and once approved, cannot be re-examined by the adjudicating authority. en-us Fri, 23 Feb 2024 00:00:00 +0530 Sat, 16 Nov 2024 08:38:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761741 The NCLAT dismissed an appeal challenging approval of a resolution plan under IBC. The appellant argued the plan was no longer implementable due to five years lapse and deteriorated financial status of the corporate debtor. The NCLAT held that the plan contained effective implementation provisions as noted by the adjudicating authority. The resolution professional's affidavit confirmed the corporate debtor remained a going concern despite pandemic impact. The tribunal emphasized that feasibility and viability assessment falls within the commercial wisdom of the Committee of Creditors, and once approved, cannot be re-examined by the adjudicating authority. Case-Laws IBC Fri, 23 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761741