https://www.taxtmi.com/caselaws?id=288582 Committee of Creditors' rejection of a revised resolution plan based on alleged ineligibility, EMD non-compliance and commercial unviability was treated as a matter of commercial wisdom, which the Adjudicating Authority cannot ordinarily re-examine under the Insolvency and Bankruptcy Code, 2016. Where no approved resolution plan survived within the CIRP period, liquidation was to follow, and a request to restrain invocation of bank guarantees was declined because such restraint would prejudice stakeholder interests. The corporate debtor was therefore taken into liquidation, the resolution professional was appointed as liquidator, and the creditors' commercial decision was left undisturbed. en-us Fri, 26 Jul 2019 00:00:00 +0530 Sat, 20 Nov 2021 12:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288582 Committee of Creditors' rejection of a revised resolution plan based on alleged ineligibility, EMD non-compliance and commercial unviability was treated as a matter of commercial wisdom, which the Adjudicating Authority cannot ordinarily re-examine under the Insolvency and Bankruptcy Code, 2016. Where no approved resolution plan survived within the CIRP period, liquidation was to follow, and a request to restrain invocation of bank guarantees was declined because such restraint would prejudice stakeholder interests. The corporate debtor was therefore taken into liquidation, the resolution professional was appointed as liquidator, and the creditors' commercial decision was left undisturbed. Case-Laws Insolvency and Bankruptcy Fri, 26 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288582