https://www.taxtmi.com/caselaws?id=770384 NCLT Mumbai dismissed an unsuccessful resolution applicant's challenge to an approved resolution plan under the Insolvency and Bankruptcy Code, 2016. The tribunal held that while the applicant lacked locus to challenge the plan approval, it examined the successful applicant's eligibility under Section 29A. The court found no violation of natural justice, noting the applicant's revised superior bid was submitted after prescribed timelines without seeking extension. The successful resolution applicant was deemed eligible as the related party disqualification under Section 29A(j) did not apply. The tribunal emphasized that CoC's commercial wisdom in approving resolution plans is non-justiciable and cannot be interfered with by courts. en-us Thu, 06 Feb 2025 00:00:00 +0530 Sat, 10 May 2025 08:36:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770384 NCLT Mumbai dismissed an unsuccessful resolution applicant's challenge to an approved resolution plan under the Insolvency and Bankruptcy Code, 2016. The tribunal held that while the applicant lacked locus to challenge the plan approval, it examined the successful applicant's eligibility under Section 29A. The court found no violation of natural justice, noting the applicant's revised superior bid was submitted after prescribed timelines without seeking extension. The successful resolution applicant was deemed eligible as the related party disqualification under Section 29A(j) did not apply. The tribunal emphasized that CoC's commercial wisdom in approving resolution plans is non-justiciable and cannot be interfered with by courts. Case-Laws IBC Thu, 06 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770384