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Commercial wisdom of CoC in rejecting resolution plan and opting for liquidation non-justiciable
Case Law Details
- Case Name
- Fortune Chemicals Limited Vs Ashok Kumar Jaiswal (NCLAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- NCLAT
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Fortune Chemicals Limited Vs Ashok Kumar Jaiswal (NCLAT Delhi)
NCLAT Delhi held that the commercial wisdom of the Committee of Creditors [CoC] in rejecting resolution plan and opting for liquidation is non-justiciable. Accordingly, held that NCLT rightly refused to intervene in decision of CoC.
Facts- The CIRP in relation to the Corporate Debtor was initiated on 17.09.2019. The appellant had submitted a resolution plan along with EMD of Rs. 25,00,000/- on 19.02.2021. On 03.04.2021, the Resolution Professional informed the Appellant, through email, that the resolution plan subm...
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