2020 (3) TMI 1240 - SC - Insolvency and Bankruptcy

Constitution of CoC - HELD THAT - We are not inclined to interfere with the order passed by the Tribunal as the case is listed before the NCLAT on 12.03.2020. The NCLAT may decide the matter, if possible on 12.03.2020, or as expeditiously as possible. The CoC may hold the meeting, but the order not to be given effect to till 12.03.2020. The NCLAT may consider whether it is appropriate to extend the aforesaid order or not, of not giving effect to CoC decisions. Appeal disposed off.

Summary

The Supreme Court declined to interfere with the Tribunal's order as the case was listed before the NCLAT. The NCLAT was directed to decide the matter promptly, and the CoC's decisions were not to be implemented until a specified date. The appeal was disposed of accordingly.