Consideration And Subsequent Rejection Of Resolution Plan By Committee Of Creditors Submitted After Due Date Cannot Be Questioned: NCLAT

The NCLAT has ruled that the consideration and subsequent rejection of a resolution plan by the Committee of Creditors (CoC) submitted after the due date cannot be questioned. This decision clarifies the importance of adhering to timelines in insolvency proceedings. The NCLAT's ruling emphasizes the principle of commercial wisdom of the CoC. This judgment provides clarity on the legal framework for resolution plans under the IBC.