https://www.taxtmi.com/caselaws?id=781877 NCLAT held that mere procedural deviations from CIRP Regulations do not automatically vitiate the resolution process; only a "material irregularity" that results in plainly illegal or unfair consequences affecting the integrity of the process warrants interference. Allegations of collusion between CoC, RP and an entrant, concealment from other PRAs, and delayed challenge by rival PRAs were examined, but the Tribunal found no material irregularity sufficient to invalidate the approved resolution plan. It observed that Regulations are facilitatory and cannot be allowed to defeat the Code's objective of value maximization. The challenge to the plan's approval was therefore untenable. The order of the Adjudicating Authority (NCLT) was set aside and the appeal was allowed. en-us Mon, 13 Oct 2025 00:00:00 +0530 Sat, 22 Nov 2025 07:36:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=781877 NCLAT held that mere procedural deviations from CIRP Regulations do not automatically vitiate the resolution process; only a "material irregularity" that results in plainly illegal or unfair consequences affecting the integrity of the process warrants interference. Allegations of collusion between CoC, RP and an entrant, concealment from other PRAs, and delayed challenge by rival PRAs were examined, but the Tribunal found no material irregularity sufficient to invalidate the approved resolution plan. It observed that Regulations are facilitatory and cannot be allowed to defeat the Code's objective of value maximization. The challenge to the plan's approval was therefore untenable. The order of the Adjudicating Authority (NCLT) was set aside and the appeal was allowed. Case-Laws IBC Mon, 13 Oct 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=781877