https://www.taxtmi.com/caselaws?id=788623 Where a bid framework expressly reserved power to accept, reject or annul the process, the Committee of Creditors could terminate the resolution process even without completing the challenge mechanism. The framework's negotiation and challenge features did not create an absolute bar on closure when the plans were found commercially unviable and below liquidation value. An unsuccessful resolution applicant had no vested right to insist on acceptance of its plan or continuation of the process, and judicial review remained confined to narrow statutory grounds. On that basis, rejection of the plans and annulment of the process were upheld, and the challenge to reissue of the bidding process was not maintained. en-us Tue, 24 Mar 2026 00:00:00 +0530 Thu, 26 Mar 2026 09:05:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=788623 Where a bid framework expressly reserved power to accept, reject or annul the process, the Committee of Creditors could terminate the resolution process even without completing the challenge mechanism. The framework's negotiation and challenge features did not create an absolute bar on closure when the plans were found commercially unviable and below liquidation value. An unsuccessful resolution applicant had no vested right to insist on acceptance of its plan or continuation of the process, and judicial review remained confined to narrow statutory grounds. On that basis, rejection of the plans and annulment of the process were upheld, and the challenge to reissue of the bidding process was not maintained. Case-Laws IBC Tue, 24 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=788623