https://www.taxtmi.com/caselaws?id=760232 NCLAT allowed appeal against adjudicating authority's rejection of liquidation application recommended by Committee of Creditors. The lower court improperly overrode CoC's commercial wisdom by preferring a resolution plan valued 20 times higher than liquidation value, citing prudence doctrine. NCLAT held that adjudicating authorities have limited scope for judicial interference except ensuring compliance with insolvency code requirements. Following SC precedents, the tribunal ruled that CoC's commercial wisdom must be honored unless code violations exist. The impugned order was deemed perverse and illegal for unfounded reasoning that disregarded established legal principles limiting judicial intervention in commercial decisions of creditors. en-us Fri, 12 Jul 2024 00:00:00 +0530 Thu, 17 Oct 2024 15:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760232 NCLAT allowed appeal against adjudicating authority's rejection of liquidation application recommended by Committee of Creditors. The lower court improperly overrode CoC's commercial wisdom by preferring a resolution plan valued 20 times higher than liquidation value, citing prudence doctrine. NCLAT held that adjudicating authorities have limited scope for judicial interference except ensuring compliance with insolvency code requirements. Following SC precedents, the tribunal ruled that CoC's commercial wisdom must be honored unless code violations exist. The impugned order was deemed perverse and illegal for unfounded reasoning that disregarded established legal principles limiting judicial intervention in commercial decisions of creditors. Case-Laws IBC Fri, 12 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760232