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NCLAT held that termination of CIRP was justified where Corporate Debtor possessed sufficient funds (Rs 7 Cr) to fully repay Operational Creditors' admitted claim of Rs 26 lakhs. The CoC's persistent refusal to accept repayment demonstrated an ulterior motive to push the Corporate Debtor into insolvency, constituting misuse of Insolvency and Bankruptcy Code. The Tribunal found the Resolution Professional's fees disproportionate, reducing monthly remuneration and directing refund of excess charges, particularly those charged during CIRP stay period. The Appellate Tribunal ultimately dismissed the appeal, affirming the Adjudicating Authority's order terminating CIRP and protecting the Corporate Debtor's revival potential.
NCLAT held that termination of CIRP was justified where Corporate Debtor possessed sufficient funds (Rs 7 Cr) to fully repay Operational Creditors' admitted claim of Rs 26 lakhs. The CoC's persistent refusal to accept repayment demonstrated an ulterior motive to push the Corporate Debtor into insolvency, constituting misuse of Insolvency and Bankruptcy Code. The Tribunal found the Resolution Professional's fees disproportionate, reducing monthly remuneration and directing refund of excess charges, particularly those charged during CIRP stay period. The Appellate Tribunal ultimately dismissed the appeal, affirming the Adjudicating Authority's order terminating CIRP and protecting the Corporate Debtor's revival potential.
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