https://www.taxtmi.com/caselaws?id=789310 Regulation 39(1B) of the CIRP Regulations does not prohibit the addition of a new member to an already eligible resolution-applicant consortium once the consortium is in the final list of prospective resolution applicants. Section 3(23) of the Insolvency and Bankruptcy Code treats a consortium differently from an individual "person", and the Code contains no separate bar against such internal change where the resolution plan itself is not a fresh submission by an outsider. The Committee of Creditors retains the primary role in evaluating resolution plans, and absent statutory violation or demonstrated prejudice, the consideration of the plan is not to be interfered with. en-us Tue, 24 Feb 2026 00:00:00 +0530 Tue, 07 Apr 2026 07:48:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=789310 Regulation 39(1B) of the CIRP Regulations does not prohibit the addition of a new member to an already eligible resolution-applicant consortium once the consortium is in the final list of prospective resolution applicants. Section 3(23) of the Insolvency and Bankruptcy Code treats a consortium differently from an individual "person", and the Code contains no separate bar against such internal change where the resolution plan itself is not a fresh submission by an outsider. The Committee of Creditors retains the primary role in evaluating resolution plans, and absent statutory violation or demonstrated prejudice, the consideration of the plan is not to be interfered with. Case-Laws IBC Tue, 24 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=789310