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2022 (5) TMI 1440 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHISeeking approval of the Resolution Plan - Section 31 of the Code, read with Regulation 39 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 - HELD THAT:- The objections raised by just three home buyers, out of 26 home buyers, have no merit as the time limit was fixed by this Tribunal and in view of which the RP carried out the process within the framework of the Code. Further, all the requirements of Section 30 (2) are fulfilled and no provision of the law, for the time being in force, appears to have been contravened. The Adjudicating Authority is not expected to substitute its view with the commercial wisdom of the CoC. nor should it deal with the technical complexity and merits of the Resolution Plan, unless it is found contrary to express provisions of law and goes against public interest - Accepting the Resolution Plan is advantageous to all the stakeholders and amounts to maximization of the assets of the Corporate Debtor and promotes entrepreneurship and ensures that the Company continues to function as a going concern. The right of rejection or approval of a plan is with the CoC. In a particular case, what should be the percentage of claim amount payable to one or other ‘Financial Creditor’ or ‘Operational Creditor’ or ‘Secured Creditor’ or ‘Unsecured Creditor’, can be decided by the Committee of Creditors, based on facts and circumstances of each case. It is a well settled proposition of law that commercial and business decisions of CoC are not open to judicial review. The Adjudicating Authority cannot enquire into the commercial wisdom of CoC. The ground for rejection is limited to the matter specified under Section 30(2). It is however reiterated that the resolution plan in question meets the requirements specified in Section 30(2) of the Code and the reasoned commercial decision of CoC is neither discriminatory nor perverse. The requirements, as per the Code and the relevant Regulations, have been complied with. Moreover, the Resolution Plan has been approved by 98.58% of the voting share of the members of CoC and has been submitted in compliance with Section 30 of the Code for approval - there are no infirmity has been brought out upon screening of the Resolution Plan. The Resolution Plan is approved - application allowed.
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