Unsuccessful Applicant Cannot Challenge CoC-Approved Resolution Plan

SREI Equipment Finance Limited Vs Varutha Developers Private Limited (NCLT Kolkata) NCLT Kolkata held that unsuccessful resolution applicant has no locus to assail resolution plan once the resolution plan has been approved by the Committee of Creditors [CoC] unanimously. Facts- The present application has been preferred by Ganga Construction (Consortium) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, against Anil Kumar Mittal, Resolution Professional (RP) of Varutha Developers Pvt. Ltd. (Corporate Debtor) and Ors. This Adjudicating Authority on 20.12.2023 has passed an ex-par...