https://www.taxtmi.com/caselaws?id=448766 The NCLAT dismissed an appeal seeking withdrawal of CIRP under Section 12A of IBC. The corporate debtor failed to obtain mandatory 90% voting support from Committee of Creditors (CoC), with one respondent holding 19.94% voting share opposing the withdrawal application. The tribunal upheld the adjudicating authority's decision, emphasizing that Section 12A clearly requires 90% CoC approval for CIRP withdrawal. The court noted that commercial wisdom of CoC is non-justiciable with limited scope for judicial intervention, and the IBC aims for corporate revival rather than serving as a recovery mechanism for bankers. en-us Thu, 25 Jan 2024 00:00:00 +0530 Tue, 30 Jan 2024 08:50:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448766 The NCLAT dismissed an appeal seeking withdrawal of CIRP under Section 12A of IBC. The corporate debtor failed to obtain mandatory 90% voting support from Committee of Creditors (CoC), with one respondent holding 19.94% voting share opposing the withdrawal application. The tribunal upheld the adjudicating authority's decision, emphasizing that Section 12A clearly requires 90% CoC approval for CIRP withdrawal. The court noted that commercial wisdom of CoC is non-justiciable with limited scope for judicial intervention, and the IBC aims for corporate revival rather than serving as a recovery mechanism for bankers. Case-Laws Insolvency and Bankruptcy Thu, 25 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448766