[Jaypee Infra] NCLT has limited jurisdiction in approval of resolution plan under IBC, cannot interfere with commercial aspects: Supreme Court

“If the NCLT finds any shortcoming in the resolution plan vis-à-vis the specified parameters, it would only send the resolution plan back to the Committee of Creditors, for re-submission," the Court held.
[Jaypee Infra] NCLT has limited jurisdiction in approval of resolution plan under IBC, cannot interfere with commercial aspects: Supreme Court
Justices Dinesh Maheshwari, AM khanwilkar and Sanjiv Khanna

The National Company Law Tribunal (NCLT) has limited jurisdiction in the matter of approval of a resolution plan that is well-defined and circumscribed by Sections 30(2) and 31 of the Insolvency and Bankruptcy Code (IBC), the Supreme Court ruled on Wednesday [Jaypee Kensington Boulevard Apartments Welfare Association v. NBCC (India) Limited].

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