CoC cannot reconsider a resolution plan when it is pending for final approval before the adjudicating authority
The National Company Law Appellate Tribunal, New Delhi held that once the committee of creditors (“CoC”) has approved a resolution plan under the Insolvency and Bankruptcy Code, 2016, it is binding between the CoC and the successful resolution applicant. The CoC cannot ask for the resolution plan to be remitted back for its reconsideration pending the approval of the resolution plan by the adjudicating authority.
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