Insolvency and Bankruptcy Code, 2016:
An enquiry under Section 31, is the limited enquiry that the Adjudicating Authority is permitted is, as to whether the resolution plan provides:
i) the payment of insolvency resolution process costs in a specified manner in priority to the repayment ofother debts of the corporate debtor,
(ii) the repayment of the debts of operational creditors in prescribed manner,
(iii) the management of the affairs of the corporate debtor,
(iv) the implementation and supervision of the resolution plan,
(v) the plan does not contravene any of the provisions of the law for the time being in force,
(vi) conforms to such other requirements as may be specified by the Board.
Scope of Judicial Review:
Appeal is a creature of statute and that the statute has not invested jurisdiction and authority either with NCLT or NCLAT, to review the commercial decision exercised by CoC of approving the resolution plan or rejecting the same.