CoC enjoys primacy in matter of approval or rejection of Settlement Proposal – M. P. Agarwal Vs. Shri Lakshmi Cotsyn Ltd. & Anr. – NCLAT
NCLAT held that it is the settled law of the land that the Committee of Creditors enjoys primacy in matter of approval or rejection of Resolution Plan/ Settlement Proposal and the Adjudicating Authority as also this Appellate Tribunal would be exceeding its jurisdiction in questioning the commercial wisdom of the Committee of Creditors in approving or rejecting such plan/proposal which is essentially based on business decision.
