No remand back of resolution plan to COC over hyper-technical grounds

Piya Puri Vs Debhashish Nanda Resolution Professional of Venta Realtech Private Limited (NCLAT Delhi) Conclusion: Since remanding of a resolution plan back to Committee of Creditors (COC) on the grounds of the procedural deviations raised by a dissenting minority in class of creditors, would render the CIRP a never ending process and was against the time bound resolution objective of the IBC. The Bench declined to remand back the revise Resolution Plan to COC over hyper-technical grounds raised by minority dissenting creditors. Held: OBC (“Financial Creditor”) had filed a petition ...