The National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi has held that the commercial wisdom of the Committee of Creditors (CoC) in rejecting a resolution plan and opting for liquidation is “non-justiciable”. The Appellant-Director was disqualified under Section 164(2) of the Companies Act, thereby rendering the him ineligible to be a Resolution Applicant under Sections 29A(e) and 29A(j) of Insolvency & Bankruptcy Code, 2016 (IBC). The Tribunal held that the decision of the CoC to reject the Appellant’s Resolution Plan cannot be interfered with.
Brief Facts
Corporate Insolvency Resolution Process (CIRP) was initiated against Aarya Industrial Products Private Limited (Corporate Debtor) on …
