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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.
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