Adjudicating Authority per se is not to be involved in the commercial wisdom area of the CoC, particularly, in the approval of commercial side of Resolution Plan/Modified Resolution Plan- Santosh Wasantrao Walokar Vs. Vijay Kumar V.Iyer RP Murli Industries Ltd. – NCLAT New Delhi
The Adjudicating Authority and Appellate Authority cannot go into the feasibility and viability of the Resolution Plan which requires commercial wisdom of the Committee of Creditors. The Adjudicating Authority and Appellate Authority has to go by the various propositions of law stated above accordingly to which they have to go by the commercial wisdom of committee of creditors while approving the Resolution Plan. The given Resolution Plan is conditional but since according to the express directions given by Supreme Court in the various cases stated above. The Adjudicating Authority per se will have to go the Commercial wisdom of Committee of Creditors.
