Liquidation Proceedings Quashed On The Ground That Sole Decision Of Related Parties Financial Creditors Could Be Fatal For The Existence Of The Corporate Debtor

Case: Jayanta Banerjee vs Shashi Agarwal

Coram: V. P. Singh, Member (T)

Case No: Company Appeal (AT) (Insolvency) No. 348 of 2020

Court Observation: “An order for liquidation of corporate debtor based on the sole decision of related parties Financial Creditors could be fatal for the existence of the corporate debtor, cannot be sustained. It is also pertinent to mention that when the Constitution of the Committee of Creditors itself is found to be tainted, then the decision of that COC cannot be validated on the pretext of exercise of commercial wisdom.”

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