Noida Special Economic Zone Authority vs Manish Agarwal

The Supreme Court upheld the NCLAT's decision regarding the approval of the Resolution Plan under Sections 31(1) and 60(5) of the Insolvency and Bankruptcy Code, 2016 (IBC 2016). The Court established that the Committee of Creditors has the authority to approve a resolution plan, and the operational creditor's claim can be settled at a lower amount than claimed. The Court affirmed the NCLAT's ruling, thereby dismissing the appeal of the NOIDA Special Economic Zone Authority, which sought a higher settlement amount.