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of <h1>Supreme Court of India Rules on Insolvency Code: Resolution Plan Approval Challenged for Non-Compliance and Transparency Issues.</h1> The Supreme Court of India delivered a landmark judgment on the Insolvency and Bankruptcy Code, addressing issues related to the approval of a resolution plan. The appellant challenged the plan's approval, citing lack of notice and misrepresentation by the Resolution Professional. The court found the recall application maintainable, noting the plan's non-compliance with statutory requirements and improper acknowledgment of claims. The court set aside previous approvals and remanded the plan to the Committee of Creditors for re-submission, emphasizing fairness, transparency, and adherence to legal provisions. The judgment reinforces principles of natural justice and statutory compliance in insolvency proceedings.
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