The insolvency appellate tribunal NCLAT has ruled that the Committee of Creditors (CoC) cannot modify an approved resolution plan to reallocate funds meant for dissenting financial creditors, reaffirming limits on the exercise of commercial wisdom after a plan has been cleared, PTI reported.Dismissing an appeal filed by Bank of Baroda in the insolvency proceedings of Reliance Communications Infrastructure Ltd (RCIL), a two-member bench of the National Company Law Appellate Tribunal said that once a resolution plan is approved, the assenting members of the CoC cannot alter its financial distribution framework.“It is true that the CoC with commercial wisdom can take a decision regarding different aspects of the plan, including manner…
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