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of <h1>NCLAT Confirms CoC's Right to Revise Resolution Plans Post-Challenge, Upholds Commercial Wisdom under Regulation 39(1A)(b.</h1> The National Company Law Appellate Tribunal (NCLAT) upheld the Committee of Creditors' (CoC) right to negotiate and revise resolution plans even after the challenge mechanism concludes under Regulation 39(1A)(b) of the CIRP Regulations. This decision arose from appeals against the National Company Law Tribunal's ruling, which restricted the CoC's negotiation abilities. The NCLAT confirmed the CoC's autonomy in maximizing the value of the corporate debtor, emphasizing that the CoC's commercial wisdom remains paramount. The Tribunal rejected interlocutory applications that sought to limit the CoC's negotiation rights and extended the resolution timeline by 30 days to facilitate further negotiations.
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