https://www.taxtmi.com/caselaws?id=762780 The NCLAT Principal Bench disposed of an appeal challenging adverse remarks against a Resolution Professional (RP) in a Corporate Insolvency Resolution Process. The Adjudicating Authority had identified irregularities including allowing multiple plan revisions and evaluation matrix issues regarding timing of plan submissions. The NCLAT found the RP had properly conducted CIRP procedures including preparing information memorandums, inviting expressions of interest, and appointing transaction auditors. The tribunal held the RP acted in deference to the Committee of Creditors' commercial wisdom and could not be blamed for the CoC's decision to approve a particular resolution plan. The NCLAT modified the impugned order by expunging adverse observations against the RP while maintaining the remaining operative portions. en-us Tue, 03 Dec 2024 00:00:00 +0530 Sat, 07 Dec 2024 08:14:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762780 The NCLAT Principal Bench disposed of an appeal challenging adverse remarks against a Resolution Professional (RP) in a Corporate Insolvency Resolution Process. The Adjudicating Authority had identified irregularities including allowing multiple plan revisions and evaluation matrix issues regarding timing of plan submissions. The NCLAT found the RP had properly conducted CIRP procedures including preparing information memorandums, inviting expressions of interest, and appointing transaction auditors. The tribunal held the RP acted in deference to the Committee of Creditors' commercial wisdom and could not be blamed for the CoC's decision to approve a particular resolution plan. The NCLAT modified the impugned order by expunging adverse observations against the RP while maintaining the remaining operative portions. Case-Laws IBC Tue, 03 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762780