Natural justice in insolvency-professional discipline requires disclosed material; notices based on extraneous material and ignored defences are vitia...
Development rights transfers treated as immovable property, while construction abatement applies and repeated non-payment permits extended service-tax...
NCLAT found material irregularities in the CIRP process involving the Resolution Professional. The Tribunal identified multiple violations including unauthorized MoU signing with a related party, misleading the Committee of Creditors, and procedural non-compliance with Insolvency and Bankruptcy Code regulations. While acknowledging the Supreme Court's precedent on CoC's commercial wisdom, the Tribunal emphasized that procedural safeguards cannot be circumvented. The appeal highlighted significant misconduct by the Resolution Professional, who was previously debarred by IBBI for professional irregularities. The Tribunal disposed of the appeal, effectively casting doubt on the resolution plan's integrity and the Resolution Professional's conduct during the corporate insolvency resolution process.
NCLAT found material irregularities in the CIRP process involving the Resolution Professional. The Tribunal identified multiple violations including unauthorized MoU signing with a related party, misleading the Committee of Creditors, and procedural non-compliance with Insolvency and Bankruptcy Code regulations. While acknowledging the Supreme Court's precedent on CoC's commercial wisdom, the Tribunal emphasized that procedural safeguards cannot be circumvented. The appeal highlighted significant misconduct by the Resolution Professional, who was previously debarred by IBBI for professional irregularities. The Tribunal disposed of the appeal, effectively casting doubt on the resolution plan's integrity and the Resolution Professional's conduct during the corporate insolvency resolution process.
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