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NCLAT dismissed the appeal challenging the Resolution Professional's (RP) appointment under Section 97 of the Insolvency and Bankruptcy Code, 2016. The tribunal held that the appointment by the financial creditor without IBBI Board nomination does not violate statutory provisions. Personal guarantors lack a cause of action to challenge the RP's appointment at this procedural stage, with the dismissal being without prejudice to future potential challenges during the insolvency resolution process admission under Section 100. The interim moratorium under Section 96(1)(a) remains operative, and the RP is directed to serve the report on the personal guarantors.
NCLAT dismissed the appeal challenging the Resolution Professional's (RP) appointment under Section 97 of the Insolvency and Bankruptcy Code, 2016. The tribunal held that the appointment by the financial creditor without IBBI Board nomination does not violate statutory provisions. Personal guarantors lack a cause of action to challenge the RP's appointment at this procedural stage, with the dismissal being without prejudice to future potential challenges during the insolvency resolution process admission under Section 100. The interim moratorium under Section 96(1)(a) remains operative, and the RP is directed to serve the report on the personal guarantors.
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