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of <h1>NCLAT Chennai Rules Shareholders Lack Locus Standi to Challenge CoC's Resolution Plans in Corporate Insolvency Cases.</h1> The National Company Law Appellate Tribunal (NCLAT) in Chennai addressed the issue of shareholder rights during corporate insolvency under the Insolvency and Bankruptcy Code, 2016. The case focused on whether shareholders have the locus standi to challenge a resolution plan approved by the Committee of Creditors (CoC). The Tribunal concluded that shareholders' rights are limited post-commencement of the Corporate Insolvency Resolution Process (CIRP) and they cannot challenge CoC decisions, which are primarily commercial. The judgment emphasized the limited judicial review over CoC's decisions, reaffirming the creditor-centric approach of the IBC and clarifying shareholders' restricted role in insolvency proceedings.
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