No Provision In IBC To Send Resolution Plan Back To CoC For Reconsideration: NCLT New Delhi

The NCLT Delhi ruled that under the Insolvency and Bankruptcy Code (IBC), the Committee of Creditors (CoC) can reconsider a resolution plan even after it has been approved by the Resolution Professional (RP). This decision was made in the case of In Re: M/s Jindal Stainless Ltd. The tribunal emphasized that while the CoC's approval is critical, it is not final if new facts or substantial changes come to light. This ruling reinforces the CoC's role in ensuring that the resolution plan meets all necessary criteria for successful implementation, and that they retain the authority to review and amend their decision if necessary.