In a ruling reinforcing the finality of insolvency proceedings under the Insolvency and Bankruptcy Code (IBC), the Supreme Court of India has dismissed a civil appeal filed by Ganga Construction (Consortium) challenging the resolution plan for Varutha Developers Pvt. Ltd.
A Bench comprising Justices Sanjay Kumar and K. Vinod Chandran upheld the resolution plan submitted by Manglam Multiplex Pvt. Ltd., affirming earlier orders of the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT). The plan had been approved with 100% voting share by the committee of creditors.
The court examined the maintainability of the appeal and the locus standi of the appellant, noting that Ganga…