CoC Can Take Decision To Consolidate CIRP: NCLT

The NCLT ruled that the Committee of Creditors (CoC) can decide to consolidate the Corporate Insolvency Resolution Process (CIRP) in certain cases. The ruling allows the CoC to exercise its discretion and take appropriate actions to consolidate CIRP processes where multiple insolvency cases are involved. This decision enables more efficient management of insolvency cases by allowing the CoC to merge proceedings where it deems appropriate. The ruling strengthens the authority of the CoC in making decisions that could streamline the resolution process under the Insolvency and Bankruptcy Code.