Can NCLAT change CoC approved plans, Essar lenders ask Supreme Court

NCLAT's decision to equate operational, financial creditors could lead to a severe plunge in recovery rate, says CoC

Can the National Company Law Appellate Tribunal (NCLAT) interfere with commercial decisions taken by the committee of creditors (CoC) of a corporate debtor undergoing the Corporate Insolvency Resolution Process (CIRP)? Does the NCLAT or the National Company Law Tribunal (NCLT) have jurisdiction to review and change decisions taken by the lenders concerning the plan cleared by the CoC? These are some of the questions the lenders to Essar Steel India, led by State Bank of India, have raised in their plea before the Supreme Court.
 
In their plea challenging the NCLAT’s decision approving of ArcelorMittal’s bid for Essar Steel,