Resolution Plans Below Liquidation Value Rejected; CoC Commercial Wisdom Upheld: NCLAT

Goldendreams Buildcon Private Limited Vs Snehal Arvind Kamdar (NCLAT Delhi) The appeal was filed under Section 61 of the Insolvency and Bankruptcy Code, 2016 against the order of the NCLT Mumbai Bench, which had dismissed an application challenging the rejection of a resolution plan by the Committee of Creditors (CoC). The corporate debtor had entered the Corporate Insolvency Resolution Process (CIRP) on 25.07.2023, and four prospective resolution applicants, including the appellant, submitted resolution plans. The appellant revised its plan multiple times at the request of the Resolution Prof...