https://www.taxtmi.com/caselaws?id=789156 A repayment plan proposed by a personal guarantor was rejected by the Committee of Creditors because it failed to secure the required voting support, with the main creditor holding 71.22% voting share voting against it. Under section 114(1) of the Insolvency and Bankruptcy Code, the Adjudicating Authority must act on the creditors' meeting report, while section 114(3) gives only a discretionary power to seek reconsideration if the record justifies modification. That discretion is not automatic. On these facts, the Adjudicating Authority was not bound to direct reconsideration of the plan, and acceptance of the rejection required no interference. en-us Wed, 01 Apr 2026 00:00:00 +0530 Sat, 04 Apr 2026 08:53:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=789156 A repayment plan proposed by a personal guarantor was rejected by the Committee of Creditors because it failed to secure the required voting support, with the main creditor holding 71.22% voting share voting against it. Under section 114(1) of the Insolvency and Bankruptcy Code, the Adjudicating Authority must act on the creditors' meeting report, while section 114(3) gives only a discretionary power to seek reconsideration if the record justifies modification. That discretion is not automatic. On these facts, the Adjudicating Authority was not bound to direct reconsideration of the plan, and acceptance of the rejection required no interference. Case-Laws IBC Wed, 01 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=789156