ACIL ("Corporate Debtor") was admitted into Corporate Insolvency Resolution Process ("CIRP") under the IBC by the NCLT. The Resolution Plan submitted by RF Limited ("Successful Resolution Applicant/SRA") was approved by

ACIL ("Corporate Debtor") was admitted into Corporate Insolvency Resolution Process ("CIRP") under the IBC by the NCLT. The Resolution Plan submitted by RF Limited ("Successful Resolution Applicant/SRA") was approved by the Committee of Creditors (CoC) for the Corporate Debtor. Accordingly, the Resolution Professional filed an application under Section 30(6) of IBC before the NCLT, seeking approval of resolution plan. On 01.09.2021, the NCLT kept the approval of SRA's Resolution Plan in abeyance and directed the Official Liquidator (OL) to provide exact figures/value of assets. The SRA filed an appeal before the National Company Law Appellate Tribunal ("NCLAT") against the order dated 01.09.2021. The main issue before the Supreme Court was regarding the jurisdiction of the NCLT's to order a revaluation when there were no objections raised regarding the Resolution Plan's Approval process. The Court had the question of whether the NCLT & NCLAT have overstepped their powers in overlooking the decision of the CoC (Committee of Creditors). Discuss whether the NCLT & NCLAT have overstepped their powers in overlooking the decision of the CoC, based on a decided case law.