Whether once CoC had decided with requisite majority to liquidate Corporate Debtor, such a decision would be amenable to judicial scrutiny | Whether ineligibility under Sec. 29A(b) of IBC takes effect even if classification of wilful default is dehors RBI circular – Mr. Rakshit Dhirajlal Doshi and Anr. Vs. Sumedha Management Solutions Pvt. Ltd. Liquidator of Doshion Pvt. Ltd. And Anr. – NCLAT New Delhi
The main issues in this case are as follows:
a) Whether CoC’s decision to liquidate was tainted with material irregularity and arbitrariness or not?
b) Whether the decision of the Adjudicating Authority is based on incorrect premise that once the CoC had decided with the requisite majority to liquidate the CD, such a decision would not be amenable to judicial scrutiny.
c) Whether the Applicants’ ineligibility under Section 29-A(b) of the IBC does not take effect if the classification of wilful default is dehors the RBI circular.
