https://www.taxtmi.com/caselaws?id=768274 SC upheld NCLT's approval of resolution plan, setting aside NCLAT's order. Court distinguished between avoidance applications under Sections 43, 45, 50 (Chapter III) and fraudulent/wrongful trading applications under Section 66 (Chapter VI) of IBC. NCLAT exceeded jurisdiction by interfering with CoC's commercial wisdom regarding distribution of recoveries from fraudulent trading. Resolution plan did not violate RBI Act or NHB Act provisions as no mandatory full payment requirement existed. Court emphasized limited judicial review scope - NCLT limited to Section 30(2) compliance, NCLAT restricted to Section 61(3) grounds only. en-us Tue, 01 Apr 2025 00:00:00 +0530 Fri, 04 Apr 2025 07:15:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768274 SC upheld NCLT's approval of resolution plan, setting aside NCLAT's order. Court distinguished between avoidance applications under Sections 43, 45, 50 (Chapter III) and fraudulent/wrongful trading applications under Section 66 (Chapter VI) of IBC. NCLAT exceeded jurisdiction by interfering with CoC's commercial wisdom regarding distribution of recoveries from fraudulent trading. Resolution plan did not violate RBI Act or NHB Act provisions as no mandatory full payment requirement existed. Court emphasized limited judicial review scope - NCLT limited to Section 30(2) compliance, NCLAT restricted to Section 61(3) grounds only. Case-Laws IBC Tue, 01 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768274