https://www.taxtmi.com/caselaws?id=761227 NCLAT dismissed appeal challenging denial of opportunity to submit Section 12A settlement proposal during ongoing CIRP. Appellant sought withdrawal after CoC had already rejected their earlier settlement proposal with 80.22% voting against it, while simultaneously approving SRA's resolution plan with 80.84% votes. NCLAT held that once CoC exercises commercial wisdom through voting, suspended management cannot force reconsideration of rejected proposals. Court emphasized primacy of CoC's business decisions and noted proceedings had exceeded five years, making further delays contrary to IBC objectives. Appeal dismissed without interference to lower court's order. en-us Tue, 05 Nov 2024 00:00:00 +0530 Thu, 07 Nov 2024 08:47:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761227 NCLAT dismissed appeal challenging denial of opportunity to submit Section 12A settlement proposal during ongoing CIRP. Appellant sought withdrawal after CoC had already rejected their earlier settlement proposal with 80.22% voting against it, while simultaneously approving SRA's resolution plan with 80.84% votes. NCLAT held that once CoC exercises commercial wisdom through voting, suspended management cannot force reconsideration of rejected proposals. Court emphasized primacy of CoC's business decisions and noted proceedings had exceeded five years, making further delays contrary to IBC objectives. Appeal dismissed without interference to lower court's order. Case-Laws IBC Tue, 05 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761227