https://www.taxtmi.com/caselaws?id=449722 NCLAT set aside the Adjudicating Authority's direction to issue fresh Form-G for inviting new resolution applicants during CIRP extension. Despite four years without successful resolution and five previous Form-G issuances, when CoC decided against fresh publication and chose to consider only the appellant's resolution plan (with 86% majority support), the Adjudicating Authority exceeded its judicial review powers by substituting CoC's commercial wisdom. NCLAT affirmed the 60-day CIRP extension but reversed the fresh Form-G direction, emphasizing that CoC's commercial decisions cannot be overridden by courts absent compelling circumstances. en-us Fri, 16 Feb 2024 00:00:00 +0530 Mon, 19 Feb 2024 07:32:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449722 NCLAT set aside the Adjudicating Authority's direction to issue fresh Form-G for inviting new resolution applicants during CIRP extension. Despite four years without successful resolution and five previous Form-G issuances, when CoC decided against fresh publication and chose to consider only the appellant's resolution plan (with 86% majority support), the Adjudicating Authority exceeded its judicial review powers by substituting CoC's commercial wisdom. NCLAT affirmed the 60-day CIRP extension but reversed the fresh Form-G direction, emphasizing that CoC's commercial decisions cannot be overridden by courts absent compelling circumstances. Case-Laws Insolvency and Bankruptcy Fri, 16 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449722