In the Resolution Plan itself there was a clause that Resolution Plan can be modified with 70% vote, is commercial decision of the CoC and Adjudicating Authority cannot not interfere – Rakesh Kumar Agarwal & Anr. Vs. Commissioner of CGST & Ors. – NCLAT New Delhi
The Appellant submits that in the Resolution Plan itself there was a clause that Resolution can be modified with 70% vote. The Adjudicating Authority has rejected the application observing that Tribunal shall not interfere in the commercial wisdom of the CoC. NCLAT held that we see no reason to entertain this appeal. We, however, grant liberty to the Appellant to submit a representation to the CoC for its consideration of modified resolution.
