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Insolvency and BankruptcyFebruary 10, 2024Case LawsAT
Liquidation of Corporate Debtor - CoC’s decision to liquidate was tainted with material irregularity and arbitrariness or not - the NCLAT found no material irregularity in the CoC's decision. It was emphasized that the commercial wisdom of the CoC is paramount and not subject to judicial review unless specific grounds under the IBC are met, which were not in this case. The appellants' willingness to submit a resolution plan and their classification as a willful defaulter were also discussed, but these did not influence the tribunal's decision to uphold the liquidation order.
Liquidation of Corporate Debtor - CoC’s decision to liquidate was tainted with material irregularity and arbitrariness or not - the NCLAT found no material irregularity in the CoC's decision. It was emphasized that the commercial wisdom of the CoC is paramount and not subject to judicial review unless specific grounds under the IBC are met, which were not in this case. The appellants' willingness to submit a resolution plan and their classification as a willful defaulter were also discussed, but these did not influence the tribunal's decision to uphold the liquidation order.
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