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2020 (7) TMI 679 - AT - Insolvency and BankruptcyReconsideration of Resolution Plan - application of mind by Adjudicating Authority before approving or rejecting a Resolution Plan - irregularities committed by the Resolution Professional and the Committee of Creditors in applying the evaluation matrix under the guise of using the commercial wisdom to the Plan submitted by the Appellant and the successful Resolution Applicant - HELD THAT:- The commercial wisdom of the CoC is paramount, and it has the absolute prerogative to decide the viability and feasibility of the Resolution Plans presented before them and the same is not to be interfered even by the Adjudicating Authority. In the present case, the CoC after evaluating both the Resolution Plan being that of STPL and IMR based on pre-disclosed evaluation criteria approved the Resolution Plan of STPL by a voting share of 95.15% and the same is duly reflected in e-voting result of 31st CoC meeting held on 11th and 12th November 2019 - in the present case, the Resolution Professional received only one Resolution Plan of STPL within the stipulated timeline which was duly recorded in the minutes of 29th CoC meeting held on 30.10.2019. After that, on 07.11.2019, unsuccessful Resolution Applicant IMR approached the R.P. expressing its interest to submit a Resolution Plan, though the period of submission was already expired on 30.10.2019. The Appellant cannot question the commercial wisdom of the CoC in rejecting the Resolution Plan, with the requisite majority and in approving the Resolution Plan of SPTL. No material irregularity in Corporate Insolvency Resolution Process before the R.P. has been demonstrated - the impugned order has been passed on proper Application of mind. The Impugned Order regarding approval of Resolution Plan need not be interfered - appeal dismissed.
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