Modified Resolution Plan cannot be directly presented to NCLT without final approval from COC

M.K. Rajagopalan Vs. Dr. Periasamy Palani Gounder (Supreme Court of India) The Modified Resolution Plan cannot be directly presented to the National Company Law Tribunal (NCLT) without receiving final approval from the Committee of Creditors (COC). Facts of the Case The Tourism Finance Corporation of India Limited has filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (“IBC”), for initiation of Corporate Insolvency Resolution Process (“CIRP”) against Appu Hotels Limited (“Corporate Debtor”). The National Company Law Tribunal (̶...