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        IBC

        NCLAT held that under Sec. 34(1) and 34(4)(c) IBC, only the CoC...

        CoC alone can choose replacement liquidator under Sections 34(1), 34(4)(c) and 27 IBC; adjudicating authority limited

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                NCLAT held that under Sec. 34(1) and 34(4)(c) IBC, only the CoC is competent to select a replacement resolution professional to act as liquidator, while the Adjudicating Authority (NCLT) has only the power to formally appoint the RP so selected, subject to Board confirmation under Sec. 27. The Adjudicating Authority cannot suo motu appoint a liquidator of its own choice. On facts, CoC's decision to appoint M/s Stress Credit Resolution Pvt. Ltd. as liquidator was upheld, subject to its recognition as RP and confirmation by the Board. Orders of NCLT, Indore Bench, were set aside and the appeal was allowed.
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