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NCLAT dismissed appeal regarding corporate debtor's liquidation. The CoC, with 100% vote share, decided to liquidate after no compliant resolution plans were received during CIRP. The Tribunal upheld the CoC's commercial wisdom, finding no arbitrary decision in liquidation process. The Tribunal referenced precedents affirming CoC's statutory power to initiate liquidation at any stage before resolution plan confirmation. The decision emphasized that when no viable resolution plan exists and statutory procedures were followed, judicial interference is unwarranted. The liquidator was authorized to sell assets through various methods, including standalone, slump sale, or parcel sales, with potential for exploring going concern proposals subsequently.
NCLAT dismissed appeal regarding corporate debtor's liquidation. The CoC, with 100% vote share, decided to liquidate after no compliant resolution plans were received during CIRP. The Tribunal upheld the CoC's commercial wisdom, finding no arbitrary decision in liquidation process. The Tribunal referenced precedents affirming CoC's statutory power to initiate liquidation at any stage before resolution plan confirmation. The decision emphasized that when no viable resolution plan exists and statutory procedures were followed, judicial interference is unwarranted. The liquidator was authorized to sell assets through various methods, including standalone, slump sale, or parcel sales, with potential for exploring going concern proposals subsequently.
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