Resolution Plan Upheld as CoC’s Commercial Wisdom Prevails: NCLAT Delhi

Balaji Associates Vs V. Venkatachalam (NCLAT Delhi) The appeals before the National Company Law Appellate Tribunal, Delhi Bench, arose from challenges under Section 61(3) of the Insolvency and Bankruptcy Code, 2016 to an order approving a resolution plan for a power generation company undergoing Corporate Insolvency Resolution Process (CIRP). The Adjudicating Authority had approved the resolution plan after it was endorsed by the Committee of Creditors (CoC) with a 75.91% voting majority, finding that it satisfied the requirements of Section 30(2) of the Code. The successful resolution applica...