https://www.taxtmi.com/caselaws?id=403124 The National Company Law Appellate Tribunal upheld the decision to replace the Resolution Professional, Mr. Diwan Chand Arya, with Mr. Debrath Rana during the Corporate Insolvency Resolution Process of 'Sikkim Hydro Venture Limited'. The Tribunal found that the removal was based on the lack of confidence by the Committee of Creditors in Mr. Arya's ability to effectively handle the process, rather than misconduct. The appeal challenging the replacement was dismissed, emphasizing the importance of stakeholder satisfaction and adherence to the provisions of the Insolvency and Bankruptcy Code, 2016 in such cases. en-us Mon, 23 Nov 2020 00:00:00 +0530 Wed, 20 Jan 2021 13:52:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403124 The National Company Law Appellate Tribunal upheld the decision to replace the Resolution Professional, Mr. Diwan Chand Arya, with Mr. Debrath Rana during the Corporate Insolvency Resolution Process of 'Sikkim Hydro Venture Limited'. The Tribunal found that the removal was based on the lack of confidence by the Committee of Creditors in Mr. Arya's ability to effectively handle the process, rather than misconduct. The appeal challenging the replacement was dismissed, emphasizing the importance of stakeholder satisfaction and adherence to the provisions of the Insolvency and Bankruptcy Code, 2016 in such cases. Case-Laws Insolvency and Bankruptcy Mon, 23 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403124