Rejecting Resolution Plan over one day delay is not allowable: NCLT Criticises Act of CoC’s

The National Company Law Tribunal (NCLT) criticized the actions of Committees of Creditors (CoCs) for rejecting a resolution plan due to a one-day delay in submission. The Tribunal emphasized that such rigid interpretations of deadlines should not undermine the broader goal of resolving insolvency issues and maximizing asset value. The ruling promotes a more flexible approach, where minor delays do not lead to the rejection of viable resolution plans, thereby protecting the interests of creditors and other stakeholders.