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2023 (9) TMI 461 - SC ORDERInterpretation of statute - Scope of the term "OR" - Regulation 39(1A) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 - whether the word ‘or’ in the said sub-regulation should be read as ‘in addition to’ and not ‘to the exclusion of’? - HELD THAT:- NCLAT is right in observing that, the word ‘or’ in the said sub-regulation should be read as ‘in addition to’ and not ‘to the exclusion of’. This means that the resolution professional may, if envisaged in the request of the resolution plan, can allow under the said sub-regulation, modification of the resolution plan received, albeit only once. However, this will not have any effect on and bar recourse to the challenge mechanism when adopted by the Committee of Creditors to enable resolution applicants to improve/better their plans. Appeal dismissed.
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