https://www.taxtmi.com/caselaws?id=759118 Delhi HC dismissed writ petition challenging Committee of Creditors' rejection of petitioner's resolution plan. Court held petitioner had alternative efficacious remedy before NCLT, which has exclusive jurisdiction to regulate CoC conduct and adjudicate resolution plans under IBC. HC declined to exercise judicial review powers that would usurp NCLT's authority to examine CoC's commercial wisdom. Court rejected petitioner's offer to match successful bidder's terms, noting NCLT would consider CoC's decision and could allow open court bidding if deemed appropriate. Petition dismissed with liberty to approach NCLT. en-us Mon, 23 Sep 2024 00:00:00 +0530 Wed, 25 Sep 2024 08:01:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759118 Delhi HC dismissed writ petition challenging Committee of Creditors' rejection of petitioner's resolution plan. Court held petitioner had alternative efficacious remedy before NCLT, which has exclusive jurisdiction to regulate CoC conduct and adjudicate resolution plans under IBC. HC declined to exercise judicial review powers that would usurp NCLT's authority to examine CoC's commercial wisdom. Court rejected petitioner's offer to match successful bidder's terms, noting NCLT would consider CoC's decision and could allow open court bidding if deemed appropriate. Petition dismissed with liberty to approach NCLT. Case-Laws IBC Mon, 23 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759118