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2022 (7) TMI 464 - AT - Insolvency and BankruptcyApproval of Resolution Plan - Section 30(6) of the I&B Code, 2016 - HELD THAT:- It is seen that the plan submitted by the 1st Respondent is in compliance with the technical and commercial requirement of the RFRP and is also incompliance with the Code as well as the Regulations. The Resolution Applicant enclosed the compliance certificate in Form-H of the Schedule and complied the procedure as per law. This Tribunal is of the view that the commercial wisdom of the Committee of Creditors cannot be interfered with by this Tribunal in absence of any illegality or infirmity or violation of any statutory provisions of law. This Tribunal is of the view that the plan is in accordance with law and do not find any legal infirmity or illegality in the Resolution Plan, which was rightly approved by the Adjudicating Authority. The Hon’ble Supreme Court time and again held that the commercial wisdom of the CoC cannot be interfered with by the NCLT and NCLAT. - reliance can be placed in the case of VALLAL RCK VERSUS M/S SIVA INDUSTRIES AND HOLDINGS LIMITED AND OTHERS [2022 (6) TMI 173 - SUPREME COURT] where it was held that we do take this opportunity to offer a note of caution for NCLT and NCLAT, functioning as the Adjudicatory Authority and Appellate Authority under the IBC respectively, from judicially interfering in the framework envisaged under the IBC. This Tribunal comes to an irresistible and inescapable conclusion that the Company Appeals are devoid of merits - appeal dismissed.
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