Functional comparability governs selection of support-service and IT-enabled service comparables, with verification required for unresolved data and m...
Bank account freezing requires statutory authority; anti-money-laundering compliance and KYC monitoring do not permit unilateral indefinite restrictio...
The NCLAT set aside the Adjudicating Authority's order rejecting the liquidation application filed by the Resolution Professional as recommended by the Committee of Creditors (CoC). The Adjudicating Authority erred in discarding the CoC's commercial wisdom and providing its own directives overriding the CoC's recommendation. The NCLAT reiterated that the Adjudicating Authority has limited scope for judicial interference and cannot disregard the CoC's commercial wisdom unless the Resolution Plan violates the Code or regulations. The Adjudicating Authority's reasoning for rejecting the liquidation recommendation was unfounded and perverse, and the NCLAT allowed the appeal, upholding the primacy of the CoC's commercial wisdom in line with Supreme Court judgments.
The NCLAT set aside the Adjudicating Authority's order rejecting the liquidation application filed by the Resolution Professional as recommended by the Committee of Creditors (CoC). The Adjudicating Authority erred in discarding the CoC's commercial wisdom and providing its own directives overriding the CoC's recommendation. The NCLAT reiterated that the Adjudicating Authority has limited scope for judicial interference and cannot disregard the CoC's commercial wisdom unless the Resolution Plan violates the Code or regulations. The Adjudicating Authority's reasoning for rejecting the liquidation recommendation was unfounded and perverse, and the NCLAT allowed the appeal, upholding the primacy of the CoC's commercial wisdom in line with Supreme Court judgments.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
