https://www.taxtmi.com/caselaws?id=423332 SC held that NCLT and NCLAT cannot override CoC's commercial wisdom regarding withdrawal of CIRP under Section 12A of IBC. The Court emphasized that withdrawal requires 90% CoC approval (higher than 66% for resolution plans), reflecting more stringent requirements. CoC members are presumed to make informed decisions based on thorough examination by expert teams. The Court ruled that adjudicating and appellate authorities were unjustified in not giving due weightage to CoC's commercial wisdom when approving withdrawal applications. Appeal allowed in favor of appellant, reinforcing CoC's paramount decision-making authority in insolvency proceedings. en-us Fri, 03 Jun 2022 00:00:00 +0530 Wed, 28 May 2025 12:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423332 SC held that NCLT and NCLAT cannot override CoC's commercial wisdom regarding withdrawal of CIRP under Section 12A of IBC. The Court emphasized that withdrawal requires 90% CoC approval (higher than 66% for resolution plans), reflecting more stringent requirements. CoC members are presumed to make informed decisions based on thorough examination by expert teams. The Court ruled that adjudicating and appellate authorities were unjustified in not giving due weightage to CoC's commercial wisdom when approving withdrawal applications. Appeal allowed in favor of appellant, reinforcing CoC's paramount decision-making authority in insolvency proceedings. Case-Laws IBC Fri, 03 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423332