https://www.taxtmi.com/caselaws?id=415058 The Tribunal advised the Committee of Creditors (CoC) to reassess its decision on replacing the Insolvency Resolution Professional (IRP) and recommended continuity unless significant shortcomings were identified. The Tribunal dismissed the application by the suspended management, citing lack of locus standi, and rendered the decision on the replacement of the IRP as inconsequential. Emphasizing the importance of a balanced and efficient resolution process under the Insolvency and Bankruptcy Code, 2016, the Tribunal highlighted the need for cohesive functioning between the CoC and the IRP in the Corporate Insolvency Resolution Process (CIRP). en-us Mon, 04 Oct 2021 00:00:00 +0530 Thu, 25 Nov 2021 07:56:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415058 The Tribunal advised the Committee of Creditors (CoC) to reassess its decision on replacing the Insolvency Resolution Professional (IRP) and recommended continuity unless significant shortcomings were identified. The Tribunal dismissed the application by the suspended management, citing lack of locus standi, and rendered the decision on the replacement of the IRP as inconsequential. Emphasizing the importance of a balanced and efficient resolution process under the Insolvency and Bankruptcy Code, 2016, the Tribunal highlighted the need for cohesive functioning between the CoC and the IRP in the Corporate Insolvency Resolution Process (CIRP). Case-Laws Insolvency and Bankruptcy Mon, 04 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415058