Supreme Court holds that revised resolution plan cannot be approved by the Adjudicating Authority without being placed before the Committee of Creditors

The Supreme Court (“SC”) in the case of M. K. Rajagopalan v. Dr. Periasamy Palani Gounder & Anr., has held that, while commercial wisdom of the Committee of Creditors (“CoC”) must be respected, certain factors having a material bearing on the process of approval of the resolution plan should also be borne in mind.

Filed under:
India, Insolvency & Restructuring, Litigation, JSA, Coronavirus, Insolvency, National Company Law Tribunal
Authors:
Varghese Thomas , Dheeraj Nair , Aditi Deshpande , Vishrutyi Sahni , Sidharth Sethi , Avinash Das
Location:
India
Firm:
JSA