NCLAT held that a reconstituted Committee of Creditors cannot revisit or overturn the commercial approval granted by the original CoC to a resolution plan and must act strictly within the remand directions issued by the Adjudicating Authority under the IBC.

NCLAT upheld that inclusion of a strategic investor by an ARC does not breach Regulation 39(1B) and reaffirmed that an unsuccessful resolution applicant who accepted a refund cannot challenge the CoC-approved plan.

The NCLAT held that a statutory first charge under the Municipal Act qualifies as a “security interest” under the IBC, entitling municipal authorities to secured creditor status in liquidation proceedings.

The IBBI has mandated Insolvency Professionals to submit a standard undertaking before PMLA Special Courts when seeking restitution of ED-attached assets, aligning IBC and PMLA compliance frameworks for greater transparency and value realization.

The NCLAT held that an unsuccessful resolution applicant who did not submit a final plan during the challenge process has no locus to challenge the approved resolution plan, reiterating the sanctity of the Committee of Creditors’ commercial wisdom under the IBC.