CoC Has Authority To Modify Resolution Plan To Comply With Directions Of Supreme Court: NCLAT

The NCLAT ruled that the Committee of Creditors (CoC) has the authority to modify a resolution plan to comply with the Supreme Court’s directions. The case involved a resolution plan approved by the CoC, which was later challenged in the Supreme Court. The Supreme Court directed certain modifications to the plan, and the CoC subsequently made the necessary changes. The NCLAT upheld the CoC’s authority to modify the plan, emphasizing the need to adhere to the Supreme Court’s directives and ensure compliance with the Insolvency and Bankruptcy Code (IBC).