No party has a right to say whether the Adjudicating Authority should go for further valuation before approval of the plan or not- Asset Reconstruction Company (India) Ltd. Vs. Corporation Ltd. & Ors. – NCLAT
NCLAT held that we are not inclined to interfere with the impugned order as no party has a right to say whether the Adjudicating Authority should go for further valuation before approval of the plan or not and it is open to the Adjudicating Authority to satisfy itself of the plan approved by the Committee of Creditors, to ascertain whether to approve the plan under Section 31 of the I&B Code or not. As the matter is pending since long, we hope that the Adjudicating Authority will pass appropriate order under Section 31 in the application taking into consideration the valuation and the plan as approved by the Committee of Creditors.
