NCLAT Upholds Resolution Plan Approval Under Section 30(2) IBC, No Violation Found in CIRP Process

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....The NCLAT upheld the approval of the resolution plan under Section 30(2) of the IBC, finding no violation of statutory provisions or CIRP Regulations, 2016. The plan adequately addressed the interests of all stakeholders, including secured financial creditors and operational creditors, with a payout significantly exceeding the liquidation value. The Tribunal recognized that the legislative framework does not mandate payments to operational creditors upon liquidation, and no breach of Section 30(2)(b) was established. It declined to interfere with the commercial wisdom of the CoC, as no grounds were shown to contravene the resolution plan's approval. Consequently, the appeal challenging the impugned order was dismissed for lack of merit.....