Resolution Plan Approvals: The Supreme Court's Clarification on NCLT and NCLAT's Jurisdiction in Insolvency Resolution.

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....discourse on the sanctity of the Committee of Creditors' (CoC) commercial wisdom and the precise extent of judicial review permissible under the IBC. Background: The core of the dispute emanated from a resolution plan submitted for the insolvency resolution of a company, which triggered a debate on the valuation of the company's assets and the commercial decisions made by the CoC. The NCLT, in its order dated 01.09.2021, and the NCLAT, through its judgment dated 19.01.2022, directed a revaluation of assets, raising significant questions about their jurisdiction and the scope of their authority to alter or influence the CoC's commercial decisions. Analysis of Issues: * NCLT and NCLAT's Orders: The NCLT's directive f....

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.... is no harm to look at the Expert opinion", which the Adjudicating Authority-NCLT in this case has asked for". The Supreme Court's observation at the end of paragraph 30 underscores a critical aspect of judicial intervention in the corporate insolvency resolution process under the Insolvency and Bankruptcy Code (IBC). The Court noted that there had been no objections or challenges to the resolution plan pending approval before the National Company Law Tribunal (NCLT) by any party. This absence of objections signifies the unchallenged acceptance of the resolution plan by the stakeholders involved, highlighting the autonomy and the commercial wisdom of the Committee of Creditors (CoC) in making decisions regarding the insolvency res....