CoC has Authority to Modify Resolution Plan inorder to Comply Supreme Court’s Direction: NCLAT

The NCLAT ruled that the Committee of Creditors (CoC) holds the authority to modify a resolution plan to comply with directives from the Supreme Court. The tribunal noted that such modifications aim to align the resolution process with legal requirements and ensure fairness among stakeholders. This decision underscores the CoC’s pivotal role in insolvency proceedings under the Insolvency and Bankruptcy Code (IBC). It also highlights the judiciary’s active oversight in ensuring compliance with higher court orders while maintaining the integrity of insolvency resolution frameworks.