No power to Adjudicating Authority to substitute its own Assumption with CoC’s Commercial Wisdom

Sarda Energy and Minerals Limited Vs Ashish Arjunkumar Rathi (NCLAT Delhi) Conclusion: Adjudicating Authority was not empowered in corporate insolvency resolution processes to substitute its judgment for the commercial decisions made by the CoC as cleared in a recent judgment by the National Company Law Appellate Tribunal (NCLAT) Delhi. Held: Appellant argued that under the Insolvency and Bankruptcy Code, 2016, the Adjudicating Authority’s role was strictly defined, primarily focusing on evaluating resolution plans based on statutory provisions, not on questioning the commercial wisdom ...