The case involves an appeal against the order dated 14th January 2020, by the Adjudicating Authority (National Company Law Tribunal), Principal Bench, New Delhi, which ordered the Corporate Debtor to be liquidated. The Adjudicating Authority's approval was based on the recommendation of the Committee of Creditors, who passed a resolution on 22nd November 2019, recommending the liquidation of the Corporate Debtor with 100% voting shares.
The Adjudicating Authority (National Company Law Tribunal), Principal Bench, New Delhi, ordered the Corporate Debtor to be liquidated based on the recommendation of the Committee of Creditors (CoC). The CoC had passed a resolution on 22nd November 2019, recommending liquidation with 100% voting shares. The appellant challenged this order, but the appellate tribunal found the appeal without merit, emphasizing the commercial wisdom of the CoC and Section 33(2) of the Insolvency and Bankruptcy Code, 2016.
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Committee of Creditors passed a resolution…
The Adjudicating Authority (National Company…
The case involves an appeal against the order dated 14th January 2020, by the Adjudicating Authority (National Company Law Tribunal), Principal Bench, New Delhi, which ordered the Corporate Debtor to be liquidated. The Adjudicating Authority's approval was based on the recommendation of the Committee of Creditors, who passed a resolution on 22nd November 2019, recommending the liquidation of the Corporate Debtor with 100% voting shares.
The Adjudicating Authority (National Company Law Tribunal), Principal Bench, New Delhi, ordered the Corporate Debtor to be liquidated based on the recommendation of the Committee of Creditors (CoC). The CoC had passed a resolution on 22nd November 2019, recommending liquidation with 100% voting shares. The appellant challenged this order, but the appellate tribunal found the appeal without merit, emphasizing the commercial wisdom of the CoC and Section 33(2) of the Insolvency and Bankruptcy Code, 2016.
Committee of Creditors passed a resolution…
The Adjudicating Authority (National Company…