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Insolvency professional agency governance rules amended to add nominee directors, tighten independent director eligibility, and regulate managing dire...
NCLAT dismissed the appeal challenging the appointment of a Resolution Professional (RP) under Section 95 and Section 97 of the Insolvency and Bankruptcy Code. The Tribunal held that personal guarantors lack standing to challenge RP appointment as a procedural step, and their rights are safeguarded by the ability to file objections against the RP's report. The proceedings from Sections 95 to 100 do not have adjudicatory effect, and the appointment process remains exclusively within the Adjudicating Authority's discretion. The appeal was deemed non-tenable, with the original RP appointment order being upheld as statutorily compliant.
NCLAT dismissed the appeal challenging the appointment of a Resolution Professional (RP) under Section 95 and Section 97 of the Insolvency and Bankruptcy Code. The Tribunal held that personal guarantors lack standing to challenge RP appointment as a procedural step, and their rights are safeguarded by the ability to file objections against the RP's report. The proceedings from Sections 95 to 100 do not have adjudicatory effect, and the appointment process remains exclusively within the Adjudicating Authority's discretion. The appeal was deemed non-tenable, with the original RP appointment order being upheld as statutorily compliant.
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