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ARTICLE · 13 APRIL 2021

Newsletter March 2021 Issue

Upscale Legal
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The Supreme Court has reiterated that the National Company Law Tribunal (NCLT) or the National Company Law Appellate Tribunal (NCLAT) cannot interfere with the 'commercial wisdom' of the Committee...

IndiaCorporate/Commercial Law
Upscale Legal
Upscale Legal
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Judgments

Kalpraj Dharamshi & Anr vs. Kotak Investment Advisors Ltd & An1

“NCLT/NCLAT Can't Interfere With Commercial Wisdom Of CoC Except Within Limited Scope Under Sections 30 & 31 IBC.”

The Supreme Court has reiterated that the National Company Law Tribunal (NCLT) or the National Company Law Appellate Tribunal (NCLAT) cannot interfere with the 'commercial wisdom' of the Committee of Creditors (CoC), except within the limited scope under Sections 30 and 31 of the IBC. Based on this well-settled principle, a 3-judge bench comprising Justices AM Khanwilkar, BR Gavai and Krishna Murari set aside an order of the NCLAT which had annulled the decision of CoC to accept a resolution plan.

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