The commercial wisdom of the CoC is beyond the pale of challenge in regard to the decision taken for liquidation of the Corporate Debtor – M/s. Advance Surfactants India Ltd Vs. State Bank of India – NCLAT New Delhi

NCLAT held that the settled law of land that the commercial wisdom of the Committee of Creditors is beyond the pale of challenge in regard to the decision taken for liquidation of the Corporate Debtor which essentially is a business decision resting upon their commercial wisdom and keeping in view the provision of Section 33(2) of the Insolvency and Bankruptcy Code, 2016 and the explanation added thereto.

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If any Public depositor applies showing due of the debt claiming itself as operational creditor and the Resolution Professional or the Tribunal do not accept the claim on the ground that they are not financial creditor, we allow the appellant to raise the question before the Tribunal and if any adverse decision is given by the Tribunal, it will be open to the appellant to raise the issue before NCLAT- Hind Motors India Ltd. Vs. Adjudicating Authority NCLT, Chandigarh – NCLAT New Delhi

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