https://www.taxtmi.com/caselaws?id=420746 The National Company Law Tribunal Allahabad Bench held that the final decision on the eligibility of prospective Resolution Applicants under Section 29A rests with the Committee of Creditors (CoC), not the Resolution Professional (RP). The RP's role is to ensure the completeness of Resolution Plans and provide a prima facie opinion on legal compliance to the CoC. The RP does not have the authority to determine if a plan contravenes legal provisions. The Tribunal directed the RP to present all Resolution Plans to the CoC with their opinion on legal compliance, allowing the CoC to make the final decision. en-us Wed, 02 Mar 2022 00:00:00 +0530 Fri, 08 Apr 2022 21:00:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420746 The National Company Law Tribunal Allahabad Bench held that the final decision on the eligibility of prospective Resolution Applicants under Section 29A rests with the Committee of Creditors (CoC), not the Resolution Professional (RP). The RP's role is to ensure the completeness of Resolution Plans and provide a prima facie opinion on legal compliance to the CoC. The RP does not have the authority to determine if a plan contravenes legal provisions. The Tribunal directed the RP to present all Resolution Plans to the CoC with their opinion on legal compliance, allowing the CoC to make the final decision. Case-Laws Companies Law Wed, 02 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420746