https://www.taxtmi.com/caselaws?id=761745 NCLAT dismissed appeal challenging liquidation order approved by Adjudicating Authority. CoC with 100% vote share validly decided to liquidate corporate debtor without attempting resolution, exercising commercial wisdom given debtor's poor financial health and suspended management's non-cooperation in providing essential documents. Court held CoC's liquidation power under Section 33(2) IBC has wide amplitude and can be exercised immediately after constitution, even before inviting resolution plans. Decision was not arbitrary as suspended director was under arrest, making information gathering difficult for preparing information memorandum. Adjudicating Authority's limited jurisdiction prevents interference with CoC's commercial decisions unless material irregularity or fraud proven under Section 61(4). en-us Thu, 14 Nov 2024 00:00:00 +0530 Sat, 16 Nov 2024 08:38:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761745 NCLAT dismissed appeal challenging liquidation order approved by Adjudicating Authority. CoC with 100% vote share validly decided to liquidate corporate debtor without attempting resolution, exercising commercial wisdom given debtor's poor financial health and suspended management's non-cooperation in providing essential documents. Court held CoC's liquidation power under Section 33(2) IBC has wide amplitude and can be exercised immediately after constitution, even before inviting resolution plans. Decision was not arbitrary as suspended director was under arrest, making information gathering difficult for preparing information memorandum. Adjudicating Authority's limited jurisdiction prevents interference with CoC's commercial decisions unless material irregularity or fraud proven under Section 61(4). Case-Laws IBC Thu, 14 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761745