Commercial aspects cannot be ventured by Adjudicating Authority when resolution plan is approved by CoC: NCLT Chennai

N. Kumar Vs Religare Finvest Limited (NCLT Chennai)

NCLT Chennai held that once the resolution plan is approved by Committee of Creditors, only limited judicial review is available for the Adjudicating Authority u/s. 30(2) and Section 31 of IBC, 2016 and this Adjudicating Authority cannot venture into the commercial aspects of the decisions taken by the Committee of Creditors.

Facts- This Application has been filed u/s 30(6) and 31(1) of IBC, 2016 r/w Regulation 39 of CIRP Regulation 2016 and Rule 11 of NCLT Rules 2016 60(5) of IBC, 2016 by Resolution Profes

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