2024 (5) TMI 1280 - SCH - Insolvency and Bankruptcy

Liquidation of Corporate Debtor - CoC s decision to liquidate was tainted with material irregularity and arbitrariness or not - it was held by NCLAT that The CoC has taken a commercial decision basis their discussion within the lenders and also with the Appellant and they have come to a conclusion for liquidation of the CD. Commercial wisdom of the CoC has been exercised in a clear and forthright manner - HELD THAT - There are no reason to interfere with the impugned order dated 8 February 2024 passed by the National Company Law Appellate Tribunal - appeal dismissed.

Summary

Issues involved: Appeal against the order of National Company Law Appellate Tribunal in Company Appeal (AT) (Insolvency) No 29 of 2024.

Summary:
The Supreme Court, comprising HON'BLE THE CHIEF JUSTICE DR DHANANJAYA Y CHANDRACHUD, HON'BLE MR. JUSTICE J.B. PARDIWALA, and HON'BLE MR. JUSTICE MANOJ MISRA, upheld the impugned order dated 8 February 2024 passed by the National Company Law Appellate Tribunal. The Court found no reason to interfere with the said order, resulting in the dismissal of the Civil Appeal. Any pending applications were also disposed of in light of this decision.