https://www.taxtmi.com/caselaws?id=430439 The Tribunal held that the Committee of Creditors (CoC) rightfully rejected the proposal for payment of salaries to the Applicants, who were classified as related parties and required CoC approval for transactions during the Corporate Insolvency Resolution Process (CIRP). The Tribunal emphasized the CoC's commercial decision-making authority under the Insolvency and Bankruptcy Code, stating that judicial intervention was unwarranted. Citing precedent, the Tribunal concluded that the CoC's commercial wisdom should prevail, leading to the rejection of the Applicants' claim for salaries. en-us Wed, 19 Oct 2022 00:00:00 +0530 Sat, 19 Nov 2022 11:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430439 The Tribunal held that the Committee of Creditors (CoC) rightfully rejected the proposal for payment of salaries to the Applicants, who were classified as related parties and required CoC approval for transactions during the Corporate Insolvency Resolution Process (CIRP). The Tribunal emphasized the CoC's commercial decision-making authority under the Insolvency and Bankruptcy Code, stating that judicial intervention was unwarranted. Citing precedent, the Tribunal concluded that the CoC's commercial wisdom should prevail, leading to the rejection of the Applicants' claim for salaries. Case-Laws Insolvency and Bankruptcy Wed, 19 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430439