https://www.taxtmi.com/caselaws?id=759802 An insolvency professional must act impartially when verifying claims and constituting the Committee of Creditors; using a disputed or under-verification claim to alter CoC composition, particularly where it affects the professional's own continuance, is procedurally unsustainable. Here, the reconstitution of the CoC on the basis of Asha Apartments' claim was found biased and contrary to the CIRP framework, so the later CoC resolutions could not stand. The Adjudicating Authority was therefore justified in setting aside those resolutions and replacing the Interim Resolution Professional, and the appellate tribunal found no reason to interfere. en-us Fri, 27 Sep 2024 00:00:00 +0530 Wed, 09 Oct 2024 08:20:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759802 An insolvency professional must act impartially when verifying claims and constituting the Committee of Creditors; using a disputed or under-verification claim to alter CoC composition, particularly where it affects the professional's own continuance, is procedurally unsustainable. Here, the reconstitution of the CoC on the basis of Asha Apartments' claim was found biased and contrary to the CIRP framework, so the later CoC resolutions could not stand. The Adjudicating Authority was therefore justified in setting aside those resolutions and replacing the Interim Resolution Professional, and the appellate tribunal found no reason to interfere. Case-Laws IBC Fri, 27 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759802