https://www.taxtmi.com/caselaws?id=449357 NCLAT upheld the Adjudicating Authority's liquidation order based on CoC's unanimous decision. The tribunal rejected challenges alleging material irregularity and arbitrariness in the CoC's liquidation decision, emphasizing that CoC's commercial wisdom is supreme under IBC. The court found no grounds for judicial scrutiny under Section 30(2) or 61(3) of IBC, noting the CoC exercised clear commercial judgment after discussions with all stakeholders. Arguments regarding interim resolution professional's hesitation and Section 29-A(b) ineligibility were dismissed as irrelevant to the liquidation decision. Appeal dismissed. en-us Thu, 08 Feb 2024 00:00:00 +0530 Fri, 09 Feb 2024 17:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449357 NCLAT upheld the Adjudicating Authority's liquidation order based on CoC's unanimous decision. The tribunal rejected challenges alleging material irregularity and arbitrariness in the CoC's liquidation decision, emphasizing that CoC's commercial wisdom is supreme under IBC. The court found no grounds for judicial scrutiny under Section 30(2) or 61(3) of IBC, noting the CoC exercised clear commercial judgment after discussions with all stakeholders. Arguments regarding interim resolution professional's hesitation and Section 29-A(b) ineligibility were dismissed as irrelevant to the liquidation decision. Appeal dismissed. Case-Laws Insolvency and Bankruptcy Thu, 08 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449357