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Evolving Landscape of Commercial Wisdom: Analysing Judicial Interpretations in IBC Cases
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Abhijeet Mishra
Student at Amity Law School, Noida, India
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Dr Ekta Gupta
Assistant Professor at Amity Law School, Noida, India
Abstract
The evolving commercial wisdom within the context of the Insolvency and Bankruptcy Code (IBC) has been the subject of much attention. This article examines judicial interpretations surrounding the Committee of Creditors (CoC) and their exercise of commercial wisdom during insolvency proceedings. Analyzing key legal precedents, we explore the delicate balance between creditor interests, business viability, and judicial review. The recent Supreme Court ruling in MK Rajagopalan v Dr Periasamy Palani Gounder has implications for the CoC's decision-making authority. We also recommend the implementation of a Code of Conduct to govern CoC actions. The concept of commercial wisdom must be scrutinized prudently to strike the right balance between liquidation and reorganization .
Type
Research Paper
Information
International Journal of Law Management and Humanities, Volume 7, Issue 2, Page 3759 - 3768
DOI: https://doij.org/10.10000/IJLMH.117430Creative Commons
This is an Open Access article, distributed under the terms of the Creative Commons Attribution -NonCommercial 4.0 International (CC BY-NC 4.0) (https://creativecommons.org/licenses/by-nc/4.0/), which permits remixing, adapting, and building upon the work for non-commercial use, provided the original work is properly cited.
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Copyright © IJLMH 2021