Abstract
This article investigates the legality of second revisions in resolution plans under Regulation 39(1A) of the Insolvency and Bankruptcy Board of India (IBBI) Regulations. By exploring the regulatory framework and analysing judicial interpretations, the article examines whether multiple revisions—comprising modifications and increased financial bids—are permissible. The article highlights the nuanced perspectives of courts on the matter through detailed scrutiny of relevant cases. The analysis reveals that the regulation, aimed at enhancing transparency and efficiency, is designed to maximise the asset value of corporate debtors while providing a structured decision-making process for the Committee of Creditors (CoC). This comprehensive examination underscores the importance of a flexible approach to the resolution process, aligned with global best practices and judicial precedents.
Keywords: Regulation, Corporate Debtors, Committee of Creditors, Bankruptcy, Insolvency, Resolution Plan