Plan for
reasons recorded is based on merit after reaching a subjective
satisfaction that the Resolution Plan is better. This commercial wisdom
of Committee ... under Section 30(4) of
the I&B Code. The subjective satisfaction of the
financial creditors at the time of voting is bound
Exclusive Capital Limited vs Ms. Kanta Agarwala on 21 November, 2025
NATIONAL COMPANY LAW APPELLATE
plan, the adjudicating
authority is required to arrive at a subjective satisfaction that
the plan conforms to the requirements as are provided in sub-
section
under Section 30(4) of the I&B Code.
The subjective satisfaction of the financial creditors at the time of
voting is bound
Section 30(4) of the I&B Code........
55. .........The subjective satisfaction of the financial creditors
at the time of voting is bound
satisfaction. The
11
standard of proof would ordinarily be such that would satisfy an unprejudiced
mind beyond reasonable doubt, objectively and not subjectively ... much present to the satisfaction of the authority, it is a
subjective satisfaction based on the material available, if
opinion is based on the material
plan, the Adjudicating
Authority is required to arrive at a subjective
satisfaction, that the plan conforms to the
requirements as are provided in subsection
under Section 30(4) of the I & B Code. The
subjective satisfaction of the financial creditors at the time of
voting is bound
placed before
the 'Tribunal' to arrive at a subjective satisfaction that a deeper probe into the
'affairs of a Company
satisfaction regarding compliances of the Section 30(2) of the IBC.
As per the intent of the IBC such satisfaction should not be mere subjective
