No Grounds to Challenge Financial Creditors' Decisions in Liquidation; 90-Day Revival Proposal Period per IBC and Companies Act.

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Full Text of the Document

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....Stay of liquidation application - the legislature has consciously not provided any ground to challenge the "commercial wisdom" of the individual financial creditor or their collective decision before the Adjudicating Authority - Needless to say, that even during the Liquidation process, subject to Section 29A of the IBC, 2016 and as per Regulation 2B of the IBBI (Liquidation Process) Regulations, 2016, a 90 day time period is provided to the Applicant to submit a Scheme as contemplated under Section 230 of the Companies Act, 2013, and if the Applicant is otherwise found eligible can very well submit a Scheme for the revival of the Corporate Debtor. - Tri....