https://www.taxtmi.com/caselaws?id=449527 The insolvency framework permits courts to require procedural safeguards for the committee of creditors where the statutory scheme supports regulatory guidance, but it does not allow interference with the committee's commercial wisdom. The Delhi HC treated the request as limited to a code of conduct or guidelines for effective monitoring and functioning of creditors, and held that any such framework must respect fairness, reasonableness, proportionality, and natural justice. It recognised the regulator's power to specify mechanisms for regulatory functioning and accepted the request in principle, directing suitable guidelines to be framed or finalised within a reasonable time while preserving the primacy of commercial decision-making under the Insolvency and Bankruptcy Code. en-us Mon, 12 Feb 2024 00:00:00 +0530 Wed, 14 Feb 2024 07:14:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449527 The insolvency framework permits courts to require procedural safeguards for the committee of creditors where the statutory scheme supports regulatory guidance, but it does not allow interference with the committee's commercial wisdom. The Delhi HC treated the request as limited to a code of conduct or guidelines for effective monitoring and functioning of creditors, and held that any such framework must respect fairness, reasonableness, proportionality, and natural justice. It recognised the regulator's power to specify mechanisms for regulatory functioning and accepted the request in principle, directing suitable guidelines to be framed or finalised within a reasonable time while preserving the primacy of commercial decision-making under the Insolvency and Bankruptcy Code. Case-Laws Insolvency and Bankruptcy Mon, 12 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449527