Insolvency ruling: CoC cannot alter approved resolution plan or reallocate dissenting creditors’ funds, says NCLAT
The insolvency appellate tribunal NCLAT has ruled that the Committee of Creditors (CoC) cannot modify an approved resolution plan to reallocate funds meant for dissenting financial creditors, reaffirming limits on the exercise of commercial wisdom after a plan has been cleared, PTI reported.Dismissing an appeal filed by Bank of Baroda in the insolvency proceedings of…