Court Upholds Resolution Plan by Bharat Forge; Emphasizes Revival Over Liquidation in CIRP Process.

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....Validity of approved Resolution Plan - appellants have not received any communication from the IRP with regard to the admission/rejection of the claim - Consolidated reading of all provisions and objects of the Code apart from analysis/observations stated supra, it reveals that the purpose of CIRP is to provide life to organization and not to provide death knell. Death Knell/liquidation should be the last resort. Hence no need to touch the Resolution Plan so implemented by Successful Resolution Applicant (viz. M/s Bharat Forge Limited). - AT....