https://www.taxtmi.com/caselaws?id=764424 NCLAT Principal Bench ordered replacement of IRP of corporate debtor undergoing CIRP after finding breach of Code of Conduct. IRP failed to disclose relationships with appointed consultants, creating conflict of interest and violating fiduciary duties. Despite IRP's justification that prior associations exceeded three-year disclosure period, tribunal found non-disclosure violated Code provisions. IRP's refusal to provide consultant credentials to key financier and appointment without proper consultation breached trust essential for resolution process. Payment to related consultants without commensurate services warranted IRP removal to safeguard stakeholder interests, particularly home-buyers. en-us Wed, 08 Jan 2025 00:00:00 +0530 Fri, 10 Jan 2025 08:57:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764424 NCLAT Principal Bench ordered replacement of IRP of corporate debtor undergoing CIRP after finding breach of Code of Conduct. IRP failed to disclose relationships with appointed consultants, creating conflict of interest and violating fiduciary duties. Despite IRP's justification that prior associations exceeded three-year disclosure period, tribunal found non-disclosure violated Code provisions. IRP's refusal to provide consultant credentials to key financier and appointment without proper consultation breached trust essential for resolution process. Payment to related consultants without commensurate services warranted IRP removal to safeguard stakeholder interests, particularly home-buyers. Case-Laws IBC Wed, 08 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764424