https://www.taxtmi.com/caselaws?id=766259 NCLAT dismissed the appeal challenging the rejection of appellant's resolution plan and approval of another plan. The CoC had extended the timeline for submission of expressions of interest, but appellant's late submission on 23.07.2023 came after the CoC had already decided to vote on three existing plans on 11.07.2023. The CoC found appellant's offer of Rs.23 crores through Phoenix ARC had expired and questioned appellant's integrity, viewing the submission as an attempt to distract the ongoing resolution process. The approved resolution plan by Pinax received 97% vote share from CoC. NCLAT upheld the commercial wisdom of CoC and found no grounds for interference under Section 61(3) of IBC. en-us Wed, 19 Feb 2025 00:00:00 +0530 Fri, 21 Feb 2025 08:23:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766259 NCLAT dismissed the appeal challenging the rejection of appellant's resolution plan and approval of another plan. The CoC had extended the timeline for submission of expressions of interest, but appellant's late submission on 23.07.2023 came after the CoC had already decided to vote on three existing plans on 11.07.2023. The CoC found appellant's offer of Rs.23 crores through Phoenix ARC had expired and questioned appellant's integrity, viewing the submission as an attempt to distract the ongoing resolution process. The approved resolution plan by Pinax received 97% vote share from CoC. NCLAT upheld the commercial wisdom of CoC and found no grounds for interference under Section 61(3) of IBC. Case-Laws IBC Wed, 19 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766259