Delhi High Court Sets Aside Claim Of Rs.15 Lakh Awarded By Arbitral Tribunal Due To Lack Of Evidence

The NCLAT ruled that approval of a resolution plan by the Committee of Creditors (CoC) cannot be interfered with, despite breaches of Section 302 of the Insolvency and Bankruptcy Code (IBC). The case involved an appeal challenging the approval of a resolution plan, citing procedural violations. The tribunal upheld the decision, stating that the CoC has the final say in approving resolution plans and that any procedural violations do not invalidate the decision unless they materially affect the outcome. This ruling strengthens the autonomy of the CoC in resolving insolvency cases under the IBC.