CoC Can Approve Revised Resolution Plans After Voting Starts Under Clause 2.8.5(d) of RFRP

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Full Text of the Document

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....The NCLAT upheld the decision of the adjudicating authority dismissing the appeal, confirming the CoC's discretion to permit submission and consideration of a revised resolution plan by a resolution applicant (R-3) even after voting on the appellant's plan had commenced but was not concluded. The CoC validly exercised its power under Clause 2.8.5(d) of the RFRP to evaluate and approve any compliant resolution plan, including the revised plan of R-3 offering a higher bid. The Tribunal found no illegality in the CoC's decision to consider both the appellant's and R-3's revised plans and to continue the voting process accordingly. The adjudicating authority's order dated 16.06.2025 was affirmed, and the appeal was dismissed with no interference, reinforcing the CoC's exclusive authority in resolution plan approval within the CIRP framework.....