The jurisprudence surrounding the Insolvency and Bankruptcy Code, 2016, consistently reinforces the supremacy of the Committee of Creditors’ commercial wisdom and the binding nature of an approved resolution plan. A recent pronouncement by the National Company Law Tribunal, Kochi Bench, in the matter of M/s. Samson and Sons Builders and Developers Pvt. Ltd., serves as a critical reaffirmation of these principles.
Introduction
The Tribunal was tasked with determining the locus standi of a dissenting financial creditor seeking to implead itself in post-approval execution proceedings. This order underscores the judiciary’s reluctance to entertain dilatory tactics that impede the timely implementation of a successful resolution plan.