February 7 2019
The Supreme Court in a recent judgment has categorically held that commercial wisdom of the Committee of Creditors (CoC) is sacrosanct and not subject to judicial review.
Besides, the commercial wisdom of the CoC has been given paramount status without any judicial intervention, for ensuring completion of the stated processes within the timelines prescribed by the I&B Code. There is an intrinsic assumption that financial creditors are fully informed about the viability of the corporate debtor and feasibility of the proposed resolu…
Read the full article at: https://barandbench.com/supreme-court-upholds-creditors-committee-sovereignty-under-the-ibc/