2019

NCLAT held that the decision in regard to approval of Committee of Creditors being a business decision based on commercial wisdom of the Committee of Creditors is not amenable to judicial review. This is the settled position of law. That apart, the endeavours on the part of learned counsel for the Appellant to demonstrate that it has made efforts to settle the dues of the Financial Creditor, with reference to the documents on record, fail to impress this Appellate Tribunal as there is ample proof on record to demonstrate that the Adjudicating Authority was approached at the time when the CIRP was at an advanced stage and it had permitted the Appellant to take immediate steps for settlement of the claim of the Financial Creditor. This is clearly borne out by the order passed by the Adjudicating Authority on 27th June, 2019. The Resolution Plan came to be approved more than three months thereafter. There is nothing demonstrable on record that the Appellant has taken any steps to settle the claim of the Financial Creditor, though Financial Creditor had expressed its willingness to withdraw the cases filed by it against the Appellant/Corporate Debtor provided its claim was satisfied and payment was made as per Recovery Certificate. In this factual background, we find that no ground across the ambit of Section 61(3) of I&B Code demonstrating any material irregularity in the CIRP is made out for interference. There is no merit in this appeal. The same deserves to be dismissed. Accordingly, the appeal is dismissed. However, there shall be no order as to costs.