I think there is very limited information available to make an assessment here. If anyone on this group has access to specific information, it may be of help. That all cash deal - is it that the all cash deal will take out entire debt and full equity of existing promoter gone to zero, then the company will become fully funded by equity to start with?. May well be the case, provided lenders are okay to take that hit and completely exit. Still thats a massive dilution.
As said by Dhiraj, liquidation will yield nothing for shareholders. Any resolution by secured lenders will ensure massive dilution of equity interests since they hold priority. CoC should measure this proposal as a resolution process and not recovery process. Only then would they compare sacrifice being made by each class of stakeholder.