Commercial wisdom of creditors remains non-justiciable when resolution plans fail to secure required approval, leaving liquidation intact.

Where the resolution process was extended and the committee of creditors considered revised and competing plans, neither plan obtained the statutory voting share required for approval. The adjudicating authority and the appellate tribunal were confined to checking compliance with the insolvency code and could not reappraise the merits of the committee of creditors' commercial decision or substitute their own view. The commercial wisdom of the committee of creditors remained non-justiciable, so the liquidation order was upheld and the challenge failed.

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Issues: Whether the order admitting the corporate debtor to liquidation was liable to be interfered with in view of the unsuccessful resolution process, the non-approval of the resolution plans by the requisite voting share, and the scope of judicial review over the committee of creditors' commercial decision.

Analysis: The resolution process was extended and multiple opportunities were afforded to the appellant and the other interested participant, including permission to modify the plan and to attempt a joint plan. The committee of creditors considered the competing plans, but neither secured the statutory minimum voting share required for approval. Once the plan failed to obtain the requisite approval, the adjudicating authority had no jurisdiction to reappraise the merits of the commercial decision or to substitute its own view for that of the committee of creditors. The statutory scheme confines the adjudicating authority and the appellate tribunal to a limited review of compliance with the Code, while the commercial wisdom of the committee of creditors remains non-justiciable.

Conclusion: The liquidation order was upheld and the challenge failed.

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