Committee Of Creditors Of Essar Steel ... vs Satish Kumar Gupta on 15 November, 2019
"157. These are binding precedents. Absent a clear
legislative provision, this Court will not, by a process
of interpretation, confer on the adjudicating authority
a power to direct an unwilling CoC to renegotiate a
submitted resolution plan or agree to its withdrawal,
Company Appeal (AT) (Insolvency) Nos. 1550, 1551 & 1552 of 2023
28
at the behest of the resolution applicant. The
adjudicating authority can only direct the CoC to re-
consider certain elements of the resolution plan to
ensure compliance under Section 30(2) IBC, before
exercising its powers of approval or rejection, as the
case may be, under Section 31 [Essar Steel (India)
Ltd. (CoC) v. Satish Kumar Gupta, (2020) 8 SCC 531,
para 73 : (2021) 2 SCC (Civ) 443] .