Commercial Wisdom of CoC in approving Resolution Plan needs no Interference by Adjudicating Authority unless Plan is Violative of section 30(2) of IBC: NCLAT

The NCLAT has ruled that the commercial wisdom of the Committee of Creditors (CoC) in approving a resolution plan should not be interfered with unless the plan violates Section 302 of the IBC. The case involved a challenge to the approval of a resolution plan by the CoC, and the tribunal upheld the decision, emphasizing the autonomy of the CoC in making decisions based on commercial judgment. The NCLAT also pointed out that judicial interference should only occur in exceptional cases where there are clear violations of IBC provisions, reinforcing the importance of the CoC's discretion in insolvency matters.