https://www.taxtmi.com/caselaws?id=431382 Where a resolution professional acted beyond the Code and regulations by arbitrarily outsourcing verification duties and excluding admitted financial creditors as 'related parties' without adequate basis, the Adjudicating Authority may direct re-verification of claims, reconstitution of the Committee of Creditors and replacement of the RP to ensure smooth conduct of CIRP. A resolution professional has no statutory power to unilaterally change a creditor's admitted status or remove members of the CoC as related parties without prior Adjudicating Authority approval, and affected creditors must be afforded opportunity to be heard before rejection, reduction of claims or exclusion from the CoC. en-us Mon, 05 Dec 2022 00:00:00 +0530 Tue, 17 Mar 2026 16:22:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431382 Where a resolution professional acted beyond the Code and regulations by arbitrarily outsourcing verification duties and excluding admitted financial creditors as 'related parties' without adequate basis, the Adjudicating Authority may direct re-verification of claims, reconstitution of the Committee of Creditors and replacement of the RP to ensure smooth conduct of CIRP. A resolution professional has no statutory power to unilaterally change a creditor's admitted status or remove members of the CoC as related parties without prior Adjudicating Authority approval, and affected creditors must be afforded opportunity to be heard before rejection, reduction of claims or exclusion from the CoC. Case-Laws IBC Mon, 05 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431382