NCLAT is empowered to identify as to whether the approved resolution plan is in contravention of the provisions of any law for the time being in force – M.K. Resely Vs. Union Bank of India – Kerala High Court
Hon’ble High Court held that on an analysis of the Section 61 of IBC, it is clear that the appellate Tribunal is empowered to identify as to whether the approved resolution plan is in contravention of the provisions of any law for the time being in force and as to whether there has been any material irregularity in exercising the powers by the resolution professional during the corporate insolvency resolution period.