Resolution Applicants Can't Revise Offers Post Approval, CoC's 'Commercial Wisdom' Can't Be Faulted: NCLAT

The NCLAT ruled that the Committee of Creditors’ (CoC) commercial wisdom cannot be faulted, and resolution applicants cannot revise their offers post-approval. The case involved a resolution applicant seeking to revise its offer after the CoC’s approval. The Tribunal emphasized that the CoC’s decision, based on commercial considerations, is final and binding. The ruling reinforced the principle that the CoC’s commercial wisdom should be respected, ensuring the integrity of the insolvency resolution process. The decision provided clarity on the finality of CoC-approved resolutions and the limitations on post-approval revisions.