'Creditors can't alter approved resolution plan'

Creditors' committees cannot change fund reallocation for dissenting members after a resolution plan is approved, the NCLAT ruled. The insolvency appellate tribunal dismissed Bank of Baroda's appeal in the Reliance Communications Infrastructure case, stating that once a plan is approved, its financial structure cannot be altered, even in the name of commercial wisdom.

'Creditors can't alter approved resolution plan'
Creditors' committees cannot change fund reallocation for dissenting members after a resolution plan is approved, the NCLAT ruled. The insolvency appellate tribunal dismissed Bank of Baroda's appeal in the Reliance Communications Infrastructure case, stating that once a plan is approved, its financial structure cannot be altered, even in the name of commercial wisdom.