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This is the crux of who we are. It is an articulation of precision in purpose, from the Firm’s beginnings to where we are today. Our collective eye is unerringly trained on tomorrow.

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Our insistence on strategic advisory exacts an in-depth understanding of and involvement with our clients’ businesses and industries. We engage not just individual businesses, but also contribute to the country’s legal and regulatory frameworks.

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Our undertakings for long-term impact are an organic extension of our purpose.

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Jun 30, 2022

SC Upholds Commercial Wisdom of CoC in Approving Settlement Plan and Subsequent Withdrawal of CIRP

In Vallal RCK v. Siva Industries & Holdings Ltd.[1], the SC while allowing an application for withdrawal of CIRP under the IBC, held that the adjudicating authority or the appellate authority cannot sit in appeal over the commercial wisdom of the committee of creditors (‘CoC’) unless it is found that the decision of the CoC is wholly capricious, arbitrary, irrational or de hors the provisions of the IBC or its allied rules.

 

[1] Vallal RCK v. Siva Industries & Holdings Ltd., 2022 SCC OnLine SC 717.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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