Commercial wisdom of the Committee of Creditors can only be challenged on ground of material irregularity: NCLAT


Chambers of Ishaan Garg

Ch. No. 217, Western Wing, District & Sessions Court, Tis Hazari, New Delhi, Delhi 110054

+91 8851742417, +91 880038616

Recently, The NCLAT ordered that when the liquidation was ordered by the Committee of Creditors with 100% majority vote which led to the commercial wisdom of the COC being converted into a decision of liquidation as per S. 33(2) of the IBC instead of going for resolution claim.