The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member), Mr. Barun Mitra (Technical Member) and Mr. Arun Baroka (Technical Member) that Resolution Plan approved by the Adjudicating Authority cannot be questioned by the Operational Creditors when they were provided more than the liquidation value under the Plan as per section 30(2) of the Insolvency and Bankruptcy Code, 2016 (Code).
Brief Facts:
On 07.12.2022, the Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated and an Interim Resolution Professional (IRP) was appointed.
On 05.06.2023, the CIRP period of 180 days had expired. The Resolution Professional (“RP” in short) filed…
