The tribunal, while setting aside the objection petition, observed that the successful bidder had offered a better plan as compared to the objector and more importantly, the committee of creditors, after keeping in mind all the factors such as feasibility and viability of the plan, has unanimously approved the plan. A total of 7,058 companies across sectors were brought into administration from the inception of the Insolvency and Bankruptcy Code in 2016 until September-end 2023, according to the latest data from the Insolvency and Bankruptcy Board of India.
