ONCE RESOLUTION PLAN APPROVED AND SUBMITTED TO ADJUDICATING AUTHORITY, IT CANNOT BE SENT BACK FOR RE-CONSIDERATION: NATIONAL COMPANY LAW APPELLATE TRIBUNAL It was noted by the Tribunal that the objective of IBC is to resolve the insolvency and put the Corporate Debtor back on track in a timely manner. Therefore, it was held that once a Resolution Plan is approved by the Committee of creditors after sufficient thought and the application of its wisdom, it must be acknowledged that the Corporate Debtor will be revived by the Resolution Plan. The committee of creditors cannot change its decision merely because alternative offers have been received after the resolution plan has been approved. The Committee cannot claim that it has no issue in reconsidering the Resolution Plan. This will lead to an endless process. With a team of Commercial Law experts, Reddy & Reddy Law Firm has extensive experience and involvement in commercial disputes, including Insolvency Proceedings. We are regularly involved in representations before NCLT, NCLAT, DRT and other commercial tribunals in India.