Committee of Creditors (CoC) has power to pass a resolution for liquidation of corporate debtor till such time as the plan has not been approved by adjudicating authority. Decision in regard to liquidation of corporate debtor was not-interfered with and plea of violation of natural justice also rejected. Hence, order of NCLAT, held, did not warrant interference.
[Gulabchand Jain v. Ramchandra D. Choudhary, (2022) 1 SCC 164]