NCLT SHOULD NOT SIT IN APPEAL: SUPREME COURT OF INDIA An corporate insolvency process was filed under Section 7 of IBC. It was held by the Apex court that NCLT or NCALT cannot sit over an appeal for commercial wisdom by CoC. Referring to Section 12A that deal with withdrawal of the application, that the exit should be allowed if it is approved by the 90 % of the Coc. The tribunal can interfere only if the decision taken is arbitrary, irrational or capricious. With a team of Commercial and litigation Law experts, Reddy & amp; Reddy Law Firm has extensive experience and involvement in commercial disputes, including Insolvency Proceedings. We are regularly involved in representations before NCLT, NCLAT, DRT and other commercial tribunals in India.