https://www.taxtmi.com/caselaws?id=759557 The NCLT Mumbai ordered liquidation of a corporate debtor under Section 33 of the IBC, 2016. The CoC resolved to liquidate with 90.16% majority voting, citing bleak resolution prospects due to asset attachment by Enforcement Directorate under PMLA, 2002 and ongoing investigations. The original resolution professional declined to act as liquidator due to personal difficulties. The CoC subsequently appointed an alternative liquidator in the eighth meeting. The tribunal relied on SC precedent establishing that CoC decisions based on commercial wisdom are non-justiciable, noting its limited judicial review powers in such commercial matters. en-us Wed, 07 Feb 2024 00:00:00 +0530 Thu, 03 Oct 2024 14:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759557 The NCLT Mumbai ordered liquidation of a corporate debtor under Section 33 of the IBC, 2016. The CoC resolved to liquidate with 90.16% majority voting, citing bleak resolution prospects due to asset attachment by Enforcement Directorate under PMLA, 2002 and ongoing investigations. The original resolution professional declined to act as liquidator due to personal difficulties. The CoC subsequently appointed an alternative liquidator in the eighth meeting. The tribunal relied on SC precedent establishing that CoC decisions based on commercial wisdom are non-justiciable, noting its limited judicial review powers in such commercial matters. Case-Laws IBC Wed, 07 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759557