Whn COC approved resolution plan with required majority, Adjudicating Authority’s Role was limited to section 30(2) compliance check

Punjab National Bank (International) Limited Vs Steadfast Shipping Private Limited (NCLT Mumbai)

Conclusion: Resolution plan for Steadfast Shipping Private Limited was approved under Section 31 of the Insolvency and Bankruptcy Code, 2016, after finding that the plan met all requirements under Section 30(2) of the Code and was approved by the Committee of Creditors (CoC) with 100% voting share. Adjudicating Authority’s role was limited to checking compliance with Section 30(2) and that it could not interfere with the commercial wisdom of the CoC.

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