Dominant purpose of the IBC is revival of the Corporate Debtor and making it an on­going concern -Opinion expressed by the CoC after due deliberations in the meetings through voting, as per voting shares, is the collective business decision and that the decision of the CoC’s ‘commercial wisdom’ is non­ justiciable, except on limited grounds as are available for challenge under Section 30(2) or Section 61(3) of the IBC – Under Section 61(3)(ii) of the IBC, an appeal would be tenable if there has been material irregularity in exercise of the powers by the RP during the corporate insolvency resolution period – Scope of the words ‘material irregularity’, as are found in Section 115 of the CPC, 1908

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