NCLT judgement regarding approval of insolvency resolution plan


NCLT judgement in the case of Pani Logistics vs Vikas G. Jain has clarified that the commercial wisdom of the Committee of Creditors in approval of a resolution plan is to be given due regard is the settled law of the of Supreme Court in “Essar Steel India Ltd. Committee of Creditors vs. Satish Kumar Gupta”. Approval of Resolution Plan by the Adjudicating Authority can be questioned on a limited ground that plan is violative of any statutory provision including provision of Section 30 Sub-section (2) of the I&B Code.

Thus, it is laid down that mere allocation of meagre amount cannot be a ground to question the resolution plan.

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