https://www.taxtmi.com/caselaws?id=447490 The NCLAT held that the Committee of Creditors (CoC) has the power under Section 33(2) of the IBC to decide on liquidation of a corporate debtor after proper constitution. The CoC's decision to liquidate was found valid as it provided objective reasons including absence of employees, business operations, registered office, annual filings since 2011, returns, and transactions since 2017. The tribunal emphasized that while CoC decisions must be reasoned and not arbitrary, the present case demonstrated objective consideration. The Adjudicating Authority's order dated 31.08.2023 was set aside and the appeal was allowed. en-us Fri, 22 Dec 2023 00:00:00 +0530 Thu, 28 Dec 2023 08:42:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447490 The NCLAT held that the Committee of Creditors (CoC) has the power under Section 33(2) of the IBC to decide on liquidation of a corporate debtor after proper constitution. The CoC's decision to liquidate was found valid as it provided objective reasons including absence of employees, business operations, registered office, annual filings since 2011, returns, and transactions since 2017. The tribunal emphasized that while CoC decisions must be reasoned and not arbitrary, the present case demonstrated objective consideration. The Adjudicating Authority's order dated 31.08.2023 was set aside and the appeal was allowed. Case-Laws Insolvency and Bankruptcy Fri, 22 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447490