In the case of M.K. Rajagopalan v. Dr. Periasamy Palani Gounder, the Supreme Court provided clarification regarding the requirements for determining the eligibility of a Resolution Applicant. The Court held that the commercial decisions made by the Committee of Creditors must not exceed the boundaries set by the law. Accordingly, the Court affirmed the order of the National Company Law Appellate Tribunal which rejected the Resolution Plan proposed by the Successful Resolution Applicant.
Tag: Companies Act