Steno NCLT Exams Dictation No. 605

Learned Counsel for the Appellant appearing for SEML submitted that the Adjudicating Authority committed an error in passing the Order dated 06.10.2023. It is submitted that the Adjudicating Authority while examining the Resolution Plan is circumscribed by Section 31 of the Insolvency and Bankruptcy Code, 2016 (for short the Code) and legislature has not endowed the Adjudicating Authority with the jurisdiction or authority to analyse or evaluate the commercial wisdom of the CoC. The Adjudicating Authority is required to evaluate the plan on the touchstone of Section 30(2) read with Section 31 of the Code. Adjudicating Authority is not required to examine the correctness of the decision taken by the CoC, as the decision to approve the Resolution Plan lies solely with the CoC in their commercial wisdom.