IBC, 2016 – Adjudicating Authority has jurisdiction only under Section 31(2) of the Code, which gives power not to approve only when the Resolution Plan does not meet the requirement laid down under Section 31(1) of the Code, for which a reasoned order is required to be passed – NCLT’s jurisdiction and powers as the Adjudicating Authority under the Code, flow only from the Code and the Regulations thereunder.
SUPREME COURT OF INDIA DIVISION BENCH RAMKRISHNA FORGINGS LIMITED — Appellant Vs. RAVINDRA LOONKAR, RESOLUTION PROFESSIONAL OF ACIL LIMITED AND ANOTHER — Respondent ( Before : Vikram Nath and Ahsanuddin…