TaxTMI 
TaxTMI 
2019 (10) TMI 297
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....r. Udayaditya Banerjee, Advocates For The Respondents : None JUDGMENT BANSI LAL BHAT, J. Appellants, claiming to be Promoters/ Shareholders and erstwhile Directors of 'Enviiro Bulkk Handling Systems Pvt. Ltd.' (Corporate Debtor) have preferred the instant appeal impugning the order dated 27th March, 2019 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench in MA 1096/2019 in CP (IB) 1319 (MB)/2017 by virtue whereof MA 1096/2019 filed by the Resolution Professional under Section 33 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as 'I&B Code') for liquidation of the Corporate Debtor based on approval of Committee of Creditors (hereinafter referred to as 'COC') was allowed and the....
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....he valuers. The COC recommended that the Corporate Debtor be liquidated as a going concern. Since the Resolution Professional - Mr. Vipul K. Choksi conveyed his unwillingness to continue and act as a Liquidator, Shri Rajat Mukherjee came to be appointed as the Liquidator with the consent of stakeholders. 4. Learned counsel for Appellant vehemently argued that collusion between the Resolution Professional and the COC paved the way for liquidation of the Corporate Debtor. However, he was unable to demonstrate any material irregularity of substance to substantiate his argument. Admittedly, statutory Corporate Insolvency Resolution Period of 180 days further extended by 90 days computed from the date of appointment of Interim Resolution Prof....
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....ting in passing of impugned order of liquidation. If no feasible or viable resolution plan was forthcoming and the only resolution plan found worth consideration by COC was placed by the Resolution Professional before COC for consideration which came to be rejected with 100 percent vote share on the ground that the same was not feasible and viable besides being below the average liquidation value, no fault can be found with the decision of the COC recommending liquidation of Corporate Debtor. Such decision of COC being purely a commercial/ business decision of an expert body of Financial Creditors having expertise in the relevant field is not amenable to judicial scrutiny. The dictum of law laid down by the Hon'ble Apex Court is loud and cl....
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....tion of the stated processes within the timelines prescribed by the I&B Code. There is an intrinsic assumption that financial creditors are fully informed about the viability of the corporate debtor and feasibility of the proposed resolution plan. They act on the basis of thorough examination of the proposed resolution plan and assessment made by their team of experts. The opinion on the subject matter expressed by them after due deliberations in the CoC meetings through voting, as per voting shares, is a collective business decision. The legislature, consciously, has not provided any ground to challenge the "commercial wisdom" of the individual financial creditors or their collective decision before the adjudicating authority. That is made....