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No scope for interference with commercial terms of ‘Resolution Plan’ approved by CoC: SC

March 24, 2021[2021] 125 360 (SC)

IBC : The Adjudicating Authority has limited jurisdiction in the matter of approval of a resolution plan, which is well-defined and circumscribed by Sections 30(2) and 31 of the Code. However, in the Adjudicatory process concerning a resolution plan under IBC, there is no scope for interference with the commercial aspects of the decision of the Committee of Creditors (CoC); and there is no scope for substituting any commercial term of the resolution plan approved by the CoC

• Within its limited jurisdiction, if the Adjudicating Authority or the Appellate Authority, as the case may be, would find any shortcoming in the resolution plan vis-à-vis the specified parameters, it would only send the resolution plan back to the Committee of Creditors, for re-submission after satisfying the parameters delineated by Code.

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