https://www.taxtmi.com/caselaws?id=468297 An unsuccessful resolution applicant cannot unsettle approval of a resolution plan merely because its rejection was not separately or formally communicated, where the plan was considered by the committee of creditors and the successful plan received unanimous approval. Regulation 39(1A) was held to restrict the resolution professional from permitting repeated modification of a plan, but not to curtail the committee of creditors' power to seek revisions or negotiate with applicants. The challenge mechanism was treated as an enabling tool for value maximisation, and its non-use did not vitiate the approval process. The committee of creditors' commercial wisdom remained immune from interference on these grounds. en-us Fri, 28 Mar 2025 00:00:00 +0530 Mon, 27 Apr 2026 20:38:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468297 An unsuccessful resolution applicant cannot unsettle approval of a resolution plan merely because its rejection was not separately or formally communicated, where the plan was considered by the committee of creditors and the successful plan received unanimous approval. Regulation 39(1A) was held to restrict the resolution professional from permitting repeated modification of a plan, but not to curtail the committee of creditors' power to seek revisions or negotiate with applicants. The challenge mechanism was treated as an enabling tool for value maximisation, and its non-use did not vitiate the approval process. The committee of creditors' commercial wisdom remained immune from interference on these grounds. Case-Laws IBC Fri, 28 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468297