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2022 (8) TMI 934 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHIApproval of Resolution Plan - Sub-section (1) of Section 31 of the I&B Code, 2016 - HELD THAT:- As per the provision and procedure prescribed with regard to approval of Resolution Plan and the powers and functions of the Committee (CoC) as detailed out, the CoC has evaluated the plan after detailed deliberations on feasibility and viability of each Resolution Plan as discussed in 9th CoC meeting. This Tribunal does not find any contravention of law by the Committee regarding approval of the plan of 3rd Respondent - It is apt to point out that the Appellant has failed to point out the contravention of any provision by the CoC in approving the plan. This Tribunal is of the view that the CoC has meticulously evaluated the matrix in approving the plan of the 3rd Respondent and it is not the case of the Appellant that they are challenging the RFRP, however, it is their case that the steps prescribed in RFRP are not followed. This Tribunal cannot go into the technical issues when there is no contravention of the provisions of law. From the record and the order passed by the Adjudicating Authority, this Tribunal finds that there is neither any material regularity nor contravention of any provisions of law by the CoC and the plan has been rightly approved by the Adjudicating Authority - the plan has been approved by the sole member of CoC with 100% voting share in their commercial wisdom as contemplated under the law. Therefore, the commercial wisdom of the creditors is paramount and cannot be interfered with by the Adjudicating Authority or this Tribunal. It is the settled proposition of law that the commercial wisdom of the Committee of Creditors in approving or rejecting a resolution plan is essentially based on a business decision which involves evaluation of resolution plan based on its feasibility besides the Committee of Creditors being fully informed about the viability of the Corporate Debtor. The Committee of Creditors invariably examine the Resolution Plan and an assessment is made through their team of experts in that regard - Further, there is no such mechanism under the Code that gives the right to the Unsuccessful Resolution Applicant to challenge the score granted as per the evaluation matrix prepared by the CoC and the Resolution Professional as per the provisions of CIRP Regulations. This Tribunals comes to an irresistible and inescapable conclusion that there is no legal infirmity or illegality in the order passed by the Adjudicating Authority - Appeal dismissed.
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