Case Law Details
Vallal RCK Vs Siva Industries and Holdings Limited And Ors. (Supreme Court Of India)
THE SUPREME COURT, HELD THAT when 90% or more of the creditors decide that it will be in the interest of all the stake-holders to permit Settlement Plan filed by promoter of the Corporate Debtor and withdraw Corporate Insolvency Resolution Process as per Section 12A of the Insolvency and Bankruptcy Code, 2016, the adjudicating authority (NCLT) or the appellate authority (NCLAT) cannot sit in appeal over such commercial wisdom of Committee of Creditors.
BRIEF FACTS:
1. IDBI Bank Limited had filed an application under Section 7 of the IBC seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s Siva Industries and Holdings Limited (Corporate Debtor).
2. On 04.07.2019, the application was admitted by the NCLT and CIRP was initiated.
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