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2021 (7) TMI 435 - Tri - Insolvency and BankruptcyAvoidance transactions - seeking to reject Resolution plan or to modify it - HELD THAT:- CoC has consciously decided that the money realised through these avoidance transactions would accrue to the members of the CoC and at the same time they have also consciously decided after lot of deliberations, negotiations that the monies realised if any under Section 66 of IBC i.e Fraudulent Transactions, CoC has ascribed the value of ₹ 1 and if any positive money recovery the same would go to the Resolution Applicant/future Corporate Debtor. CoC is comprised of 77 Financial Creditors and deliberations they have protected their interest and ascribed the value based on their Commercial Wisdom and Adjudicating Authority has limited jurisdiction to interfere with the same - The CoC by exercising its Commercial Wisdom have accepted, approved the resolution plan including the monies to be recovered if any from the Fraudulent Transactions - thus, Adjudicating Authority are reluctant to substitute our wisdom at this stage as against their Commercial Wisdom of the CoC. The Adjudicating Authority is of the confirmed view that CoC has already taken a conscious decision comprising of 77 members, therefore we restrain from making any comments and sending the plan back to CoC as pleaded by the applicant - Application dismissed.
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