Insolvency and Bankruptcy Code, 2016: s. 31 – Corporate Insolvency Resolution Process (CIRP) – Resolution plan which provided upfront payment of Rs. 477 crores was approved by the Adjudicating Authority – Appellate Tribunal directed the successful resolution applicant to increase the upfront payment amount of Rs. 477 crores to Rs. 597.54 crores i.e. equal to average liquidation value – Appeal to Supreme Court – Held: There is no provision in the Code or the Regulations which requires that bid of a resolution applicant has to match liquidation value – The Adjudicating Authority has not committed breach of provisions u/s. 31 – Appellate Authority ought not to have interfered with the order of the Adjudicating Authority in directing the successful resolution application to enhance their fund inflow upfront. s. 12-A – Applicability of – Held: The exit route prescribed u/s. 12-A is not applicable to resolution applicant – The procedure envisaged therein only applies to applicants invoking ss. 7, 9 and 10 of the Code.