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2021 (7) TMI 1175 - Tri - Insolvency and BankruptcyAcceptance or rejection of Resolution plan by CoC - Interference allowed with the commercial wisdom of CoC or not - Seeking to set-aside the decision of the Committee of Creditors (COC) of the corporate debtor in approving the resolution plan of the third respondent - HELD THAT:- A bare perusal of the decision in K. Sashidhar [2019 (2) TMI 1043 - SUPREME COURT], made it clear that while rejecting or approving a resolution plan, the commercial wisdom of the COC cannot be interfered or modified by the Adjudicating Authority, as long as the resolution plan approved by the COC satisfies the requirements under Section 30(2) of the Code. The Hon'ble Apex Court in K. Sashidhar and in various subsequent decisions and also the Hon'ble NCLAT have categorically held that the COC while exercising its commercial wisdom can reject the resolution plan of an H1 bidder and can accept the resolution plan of other bidders, keeping in view the various aspects such as feasibility, viability, credit worthiness of the concerned applicant and the source of funds thereto, etc. There are no irregularity, in the decision of the COC in rejecting the resolution plan of the applicant and approving the resolution plan of the third respondent. It is further to be seen that the applicant was very much invited to all the COC meetings upto 18th COC whereunder his plan was discussed, deliberated and the applicant was asked to improve the same. There are no merits in the application - application dismissed.
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