https://www.taxtmi.com/caselaws?id=432646 Where the statutory mechanism under the Insolvency and Bankruptcy Code for replacing a Resolution Professional through the Committee of Creditors could not be activated because the CoC was not being convened, the Adjudicating Authority was treated as competent to use its inherent powers to prevent delay in the corporate insolvency process and remove the Resolution Professional. The Tribunal noted repeated failure to hold the first CoC meeting and continued delay despite requests to move a replacement resolution, and it upheld the substitution order on those peculiar facts. The appeal also lacked merit because all affected applicants were not impleaded. en-us Tue, 10 Jan 2023 00:00:00 +0530 Tue, 10 Jan 2023 15:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432646 Where the statutory mechanism under the Insolvency and Bankruptcy Code for replacing a Resolution Professional through the Committee of Creditors could not be activated because the CoC was not being convened, the Adjudicating Authority was treated as competent to use its inherent powers to prevent delay in the corporate insolvency process and remove the Resolution Professional. The Tribunal noted repeated failure to hold the first CoC meeting and continued delay despite requests to move a replacement resolution, and it upheld the substitution order on those peculiar facts. The appeal also lacked merit because all affected applicants were not impleaded. Case-Laws Insolvency and Bankruptcy Tue, 10 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432646