Adjudicating Authority Must Exercise Revisional Jurisdiction to Assess Correctness of COC’s Actions: Madras HC [Read Order]

It was observed that though the Adjudicating Authority shall not substitute the commercial wisdom of the CoC with its sense of fairness and equity
By Yogitha S. Yogesh - On June 12, 2024 2:05 pm - 2 mins read
Madras High Court - Correctness of COC's Actions - Adjudicating Authority Must Exercise Revisional Jurisdiction - taxscan

In a recent case, the Madras High Court held that though the Adjudicating Authority may not substitute the commercial wisdom of the Committee of Creditors ( CoC ), however, it must exercise jurisdiction akin to revisional jurisdiction to assess the correctness of the actions taken by the CoC. National Sewing Thread Co. Ltd. (Petitioner), a…

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