No Bar on CoC’s from Seeking Multiple Modifications or Revisions of Resolution Plans: NCLAT

The NCLAT clarified that there is no bar on the Committee of Creditors (CoC) from seeking multiple modifications or revisions of resolution plans submitted during the corporate insolvency resolution process (CIRP). This ruling provides flexibility to the CoC in negotiating and refining resolution plans to maximize the recovery for creditors and ensure the viability of the corporate debtor. The ability to seek multiple revisions allows for a more iterative and thorough resolution process.