The commercial wisdom of CoC is not to be interfered with, excepting the limited scope as provided under Sections 30 and 31 of the I&B Code, says SC

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Last updated: 17 March 2021
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The Supreme Court has ruled that the commercial wisdom of the Committee of Creditors (CoC) in approving resolution plans under the Insolvency and Bankruptcy Code is not to be interfered with. This principle is to be upheld, except in the very limited circumstances provided for under Sections 30 and 31 of the Code. The judgement clarifies that the NCLAT had wrongly set aside orders from the NCLT regarding the approval of a resolution plan.

Court :
Supreme Court of India

Brief :
All these appeals, assail the judgment and orderof the National Company Law Appellate Tribunal, New Delhi(hereinafter referred to as “NCLAT”) dated 5.8.2020, passed in Company Appeal (AT) (Insolvency) Nos. 344­345 of 2020.

Citation :
CIVIL APPEAL NOS.2943­2944 OF 2020

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