Article
NCLAT Prohibits Substitution Of Resolution Applicant After CoC's Approval Of The Resolution Plan
The National Company Law Appellate Tribunal (NCLAT) in a recent judgment held that after the resolution plan has been approved by the committee of creditors (CoC), the CoC cannot substitute the successful resolution applicant with another resolution applicant who was not a part of the corporate insolvency resolution process (CIRP).
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