SC: NCLT / NCLAT should not sit in a appeal over commercial wisdom of COC
Last updated: 07 June 2022
Court :
Supreme Court of India
Brief :
When 90% or more of the creditors decide that it will be in the interest of all the stakeholders to permit Settlement Plan filed by promoter of the Corporate Debtor and withdraw Corporate Insolvency Resolution Process as per Section 12A of the Insolvency and Bankruptcy Code, 2016, the adjudicating authority (NCLT) or the appellate authority (NCLAT) cannot sit in appeal over such commercial wisdom of Committee of Creditors.
Citation :
CIVIL APPEAL NOS. 1811-1812 OF 2022
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FCS Deepak Pratap Singh
Published in Corporate Law
Views : 260
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