HARI BABU THOTA vs

The Supreme Court examined the legality of the Resolution Professional's plan in an insolvency case under the Insolvency and Bankruptcy Code, 2016. The Court considered whether the plan submitted by the promoters and approved by the Committee of Creditors was valid, especially given the order dismissing the application on the ground that the promoters could not have presented the plan. The Court also addressed the eligibility of the Resolution Professional to continue in his role and the appropriate authority to refer the matter for further action. Ultimately, the Court emphasized adherence to legal procedures and the authority of the Insolvency and Bankruptcy Board of India in such matters.