TMI Blog2021 (6) TMI 85X X X X Extracts X X X X X X X X Extracts X X X X ..... rt, in KALPRAJ DHARAMSHI ANR. VERSUS KOTAK INVESTMENT ADVISORS LTD. ANR. [ 2021 (3) TMI 496 - SUPREME COURT] , referring to precedent such as COMMITTEE OF CREDITORS OF ESSAR STEEL INDIA LIMITED THROUGH AUTHORISED SIGNATORY VERSUS SATISH KUMAR GUPTA OTHERS [ 2019 (11) TMI 731 - SUPREME COURT] , K. SASHIDHAR VERSUS INDIAN OVERSEAS BANK OTHERS [ 2019 (2) TMI 1043 - SUPREME COURT] - While passing the order, it is further observed that the NCLT and NCLAT cannot review the commercial decision exercised by CoC of approving the resolution Plan or rejecting the same and thereby, has given the paramount importance to the decision of the CoC which is to be taken on the basis of the commercial wisdom. There are no merit in the instant appli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... clusion of litigation period with Hon'ble NCLT III. To issue fresh EOI. IV. To pass a resolution for Liquidation of the Company. 4. However, on voting the CoC has taken following decisions: I. No forensic audit is required to be done. II. No application be made to Hon'ble NCLT for exclusion of litigation period. III. No fresh EOI be issued. IV. An application be made for liquidation of Corporate Debtor. 5. It is further submitted by the Applicant that in view of the above, it appears that the entire procedure of the CIRP of the Corporate Debtor is defeated at the instance of the one member of the CoC by acquiring entry at the instance of a related party of the Corporate Debtor. 6. It is furthe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te Tribunal(NCLAT) cannot interfere with the Commercial wisdom of the CoC under limited scope as provided under Section 30 and 31 of IBC, which recently has been observed by the Hon'ble Supreme Court, in Kalparaj Dharamshi and another Vs Kotak Investment Advisors Ltd. and Ors and connected cases, referring to precedent such as Committee of Creditors of Essar Steel India Ltd. Vs. Satish Kumar Gupta and Others, Maharashtra Seamless Ltd. Vs. Padmanabhan Venkatesh and Others, K Sashidhar Vs. Indian Overseas Bank etc. While passing the order, it is further observed that the NCLT and NCLAT cannot review the commercial decision exercised by CoC of approving the resolution Plan or rejecting the same and thereby, has given the paramount impor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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