Delaying CIRP due to settlement proposal without CoC approval is not justifiable

Power Trust Vs Bhuvan Madan (Supreme Court of India) Supreme Court held that commercial wisdom of Committee of Creditors [CoC] is non-justiciable. Stalling CIRP on account of settlement proposal without approval by CoC is not justifiable. Facts- Present appeal has been instituted by Power Trust, a promoter of Hiranmaye Energy Ltd. under Section 62, Insolvency and Bankruptcy Code, 2016, challenging order dated 25.01.2024 by National Company Law Appellate Tribunal, Principal Bench, New Delhi. By the impugned order, NCLAT has upheld order dated 02.01.2024 by National Company Law Tribunal, Kolkat...