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NCLAT set aside the impugned Adjudicating Authority order and upheld the Committee of Creditors' approval of the sale of certain non-core, encumbered assets of the corporate debtor, holding that the CoC's decision to effect an outright transfer to related entities was a commercially rational choice within the exclusive domain of the CoC and thus non-justiciable except for compliance with the Code. The Tribunal held Regulation 29 does not prohibit a CoC-sanctioned sale where the secured creditors (who were CoC members) consented, and that Regulation 36A(1A) is inapplicable as it post-dates the CoC approval. Directions compelling separate RPs to invite independent bids exceeded the Adjudicating Authority's jurisdiction. Appeal disposed; sale permitted.
NCLAT set aside the impugned Adjudicating Authority order and upheld the Committee of Creditors' approval of the sale of certain non-core, encumbered assets of the corporate debtor, holding that the CoC's decision to effect an outright transfer to related entities was a commercially rational choice within the exclusive domain of the CoC and thus non-justiciable except for compliance with the Code. The Tribunal held Regulation 29 does not prohibit a CoC-sanctioned sale where the secured creditors (who were CoC members) consented, and that Regulation 36A(1A) is inapplicable as it post-dates the CoC approval. Directions compelling separate RPs to invite independent bids exceeded the Adjudicating Authority's jurisdiction. Appeal disposed; sale permitted.
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