Appeal Dismissed: Unsuccessful Resolution Applicants Fail to Prove Plan Modification by Sarda Energy and Minerals Ltd.

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....The appeals challenged the approval of Sarda Energy and Minerals Ltd.'s Resolution Plan, alleging material irregularities by the Resolution Professional (RP) and Committee of Creditors (CoC). The key issues were the alleged modification of key commercial terms by the Successful Resolution Applicant (SRA) under the guise of clarifications sought by the RP, and the resulting perversity and discrimination. The NCLAT held that the CoC and RP did not grant any opportunity to the appellant to modify or amend the Resolution Plan's terms. While the Supreme Court in Ajay Gupta's case allowed modification, in the present case, the clarifications sought on 08.05.2023 did not permit any Resolution Applicant to modify their plans; only clarifications we.........