Available for challenge under Section 30(2) or Section 61(3) of IBC : SC
D.D- DECEMBER 17, 2021
Insolvency and Bankruptcy Code, 2016 – Resolution Plan – It is not open to the Adjudicating Authority (the NCLT) or the Appellate Authority (the NCLAT) to take into consideration any other factor other than the one specified in Section 30(2) or Section 61(3) of the IBC.
Insolvency and Bankruptcy Code, 2016 – the opinion expressed by the CoC after due deliberations in the meetings through voting, as per voting shares, is the collective business decision and that the decision of the CoC’s ‘commercial wisdom’ is non 20 justiciable, except on limited grounds as are available for challenge under Section 30(2) or Section 61(3) of the IBC.
NGAITLANG DHAR
VERSUS
PANNA PRAGATI INFRASTRUCTURE
PRIVATE LIMITED & ORS.
