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IN THE HIGH COURT OF KERALA AT ERNAKULAM
Soumen Sen, CJ, Syam Kumar V.M., J
MMS STEEL & POWER PRIVATE LIMITED – Appellant
Versus
UNION OF INDIA – Respondent
Headnote: Read headnote
JUDGMENT Dated this the 13th day of January, 2026 Soumen Sen, C.J.
The appellant is a financial creditor. The appellant is aggrieved by the judgment of the learned Single Judge whereby the order dated 21 August, 2025 passed by the National Company Law Tribunal (the NCLT), Kochi Bench in IA (IBC) (Plan)/04/KOB/2025 in CP (IPC)20/KOB/2023 was upheld. The decision of the NCLT rejecting the Resolution Plan under Section 31 (2) of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016) was under challenge.
2. The learned counsel for the appellant has submitted that the NCLT disregarded the fact that 100% of the Committee of Creditors (CoC) had voted in favour of the Resolution Plan and that in spite of such unanimity amongst
The appellate court reinforces the principle that the writ jurisdiction is not exercised when an efficacious appellate remedy is available, highlighting procedural nuances under the Insolvency and Ba....
The court clarified the appealability of NCLT's rejection of resolution plans under the Insolvency and Bankruptcy Code, confirming that aggrieved parties can appeal under Section 61.
The approved resolution plan under the IBC extinguishes claims not included, rendering any arbitral award related to such claims non-executable.
The rejection of a Resolution Plan must comply with statutory requirements, and commercial wisdom of the Committee of Creditors is paramount, limiting the adjudicatory review.
(1) Approval of resolution plan – If a claim is submitted by an operational creditor claiming itself as a financial creditor, claim would have to be accorded due consideration in category to which it....
Requirement of “not less than seventy five percent of voting share of the financial creditors” is mandatory.
NCLT and NCLAT not empowered to enquire into wisdom of dissenting creditors in voting a....
The court upheld the right to appeal against the Adjudicating Authority's rejection of the resolution plan under the Insolvency and Bankruptcy Code.
Corporate Insolvency Resolution Process – Resolution applicant cannot be permitted to withdraw or modify resolution plan after approval by Committee of Creditors and before an order under Section 31(....
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