News > Insolvency to be dropped if 90% creditors vote for it

Insolvency to be dropped if 90% creditors vote for it

Holding that there should be minimum judicial interference by the National Company Law Tribunal (NCLT) and its appellate tribunal NCLAT in insolvency proceedings, the Supreme Court on Friday said they cannot sit in appeal over the commercial wisdom of the Committee of Creditors (CoC) and the proposal to withdraw proceedings should be allowed if 90% or more creditors accept the settlement plan of the debtor company.