Writ petition under Article 226 of the Constitution seeking ...

Bankrupt firm's rejected resolution plan not entertained, court directs NCLT intervention.

September 25, 2024

Case Laws IBC HC

Writ petition under Article 226 of the Constitution seeking initiation of fresh voting on petitioner's Resolution Plan after considering principles of equality and fairness dismissed. Court held petitioner has efficacious remedy to assail CoC's action before NCLT as Adjudicating Authority has jurisdiction to regulate CoC's conduct, adjudicate upon resolution plan through judicial review, ensuring CoC functions per IBC. NCLT maintains supervisory role over CIRP proceedings u/s 60 of IBC. Court cannot usurp NCLT's powers to inquire into CoC's commercial wisdom rejecting petitioner's plan. Petitioner's offer to match successful bidder's offer cannot be entertained by Court. NCLT may allow open court bidding if deemed fit while considering CoC's decision. Petitioner granted liberty to approach NCLT to decide objections on merits per law.

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Writ petition under Article 226 of the Constitution seeking ...

Bankrupt firm's rejected resolution plan not entertained, court directs NCLT intervention.

September 25, 2024

Case Laws IBC HC

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