https://www.taxtmi.com/caselaws?id=423747 The National Company Law Tribunal, Chennai Bench determined that the 1st Respondent was a related party to the Corporate Debtor, rendering them ineligible to be part of the Committee of Creditors (CoC). The Tribunal found that the Resolution Professional failed to identify related parties properly when constituting the CoC, leading to the inclusion of a related party in violation of the Insolvency and Bankruptcy Code. As a result, the Tribunal directed the RP to remove the 1st Respondent from the CoC, highlighting the importance of adhering to statutory definitions and conducting due diligence in insolvency proceedings. en-us Wed, 01 Jun 2022 00:00:00 +0530 Tue, 14 Jun 2022 08:29:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423747 The National Company Law Tribunal, Chennai Bench determined that the 1st Respondent was a related party to the Corporate Debtor, rendering them ineligible to be part of the Committee of Creditors (CoC). The Tribunal found that the Resolution Professional failed to identify related parties properly when constituting the CoC, leading to the inclusion of a related party in violation of the Insolvency and Bankruptcy Code. As a result, the Tribunal directed the RP to remove the 1st Respondent from the CoC, highlighting the importance of adhering to statutory definitions and conducting due diligence in insolvency proceedings. Case-Laws Insolvency and Bankruptcy Wed, 01 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423747