https://www.taxtmi.com/caselaws?id=763101 NCLAT Principal Bench dismissed appeal challenging approval of resolution plan under IBC. Appellant contested Swiss Challenge Method adoption by CoC and alleged denial of effective participation in CoC meetings. NCLAT held Swiss Challenge Method under Regulation 39(1A) permits multiple challenge rounds for plan improvement and CoC's commercial wisdom in adopting this method was not arbitrary. Court found CoC process was fair and transparent with all resolution applicants given equal opportunity. NCLAT emphasized Supreme Court precedent that CoC's commercial wisdom is paramount and interference limited to grounds under Section 30(2) or 61(3) IBC. No sufficient grounds established to interfere with Adjudicating Authority's approval of successful resolution applicant's plan. en-us Wed, 11 Dec 2024 00:00:00 +0530 Wed, 11 Dec 2024 17:38:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763101 NCLAT Principal Bench dismissed appeal challenging approval of resolution plan under IBC. Appellant contested Swiss Challenge Method adoption by CoC and alleged denial of effective participation in CoC meetings. NCLAT held Swiss Challenge Method under Regulation 39(1A) permits multiple challenge rounds for plan improvement and CoC's commercial wisdom in adopting this method was not arbitrary. Court found CoC process was fair and transparent with all resolution applicants given equal opportunity. NCLAT emphasized Supreme Court precedent that CoC's commercial wisdom is paramount and interference limited to grounds under Section 30(2) or 61(3) IBC. No sufficient grounds established to interfere with Adjudicating Authority's approval of successful resolution applicant's plan. Case-Laws IBC Wed, 11 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763101