https://www.taxtmi.com/caselaws?id=767521 The NCLAT dismissed an appeal challenging approval of a resolution plan without conducting Swiss Challenge Mechanism. The appellant argued that the RFRP required holding a challenge mechanism to maximize corporate debtor value. The tribunal held that after all resolution applicants submitted revised plans by the deadline, no further enhancement of financial offers could be permitted. The Committee of Creditors approved the selected plan with over 98% vote share after proper deliberation and comparison. The tribunal emphasized that commercial wisdom of CoC enjoys paramount status with minimal scope for judicial interference, unless the resolution plan violates Section 30(2) requirements. Regulation 39(1A) merely enables but does not mandate plan modifications. en-us Tue, 18 Mar 2025 00:00:00 +0530 Thu, 20 Mar 2025 08:21:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767521 The NCLAT dismissed an appeal challenging approval of a resolution plan without conducting Swiss Challenge Mechanism. The appellant argued that the RFRP required holding a challenge mechanism to maximize corporate debtor value. The tribunal held that after all resolution applicants submitted revised plans by the deadline, no further enhancement of financial offers could be permitted. The Committee of Creditors approved the selected plan with over 98% vote share after proper deliberation and comparison. The tribunal emphasized that commercial wisdom of CoC enjoys paramount status with minimal scope for judicial interference, unless the resolution plan violates Section 30(2) requirements. Regulation 39(1A) merely enables but does not mandate plan modifications. Case-Laws IBC Tue, 18 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767521