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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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