NCLAT uphold Resolution Plan In absence of irregularity in conduct of CIRP Proceedings

The NCLAT has upheld the resolution plan in an insolvency case, stating there was no irregularity in the conduct of the Corporate Insolvency Resolution Process (CIRP). The case involved a resolution plan that was approved by the Committee of Creditors (CoC), and the tribunal found that the process had followed legal norms. The NCLAT emphasized the principle of commercial wisdom in decision-making and concluded that the adjudicating authority should not interfere unless the plan violates specific provisions of the Insolvency and Bankruptcy Code (IBC). This ruling strengthens the autonomy of the CoC in resolution matters.