https://www.taxtmi.com/caselaws?id=768200 The NCLAT allowed an appeal against the Adjudicating Authority's rejection of a Resolution Professional (RP) replacement application. The Tribunal held that under Section 27 of the IBC, the Committee of Creditors can replace an RP with a requisite majority vote (78.86% in this case) without providing reasons or adhering to principles of natural justice. Following precedents from cases like Punjab National Bank vs. Kiran Shah, the court emphasized that the Adjudicating Authority should not interfere with the CoC's commercial wisdom unless the decision is perverse or without jurisdiction. The impugned order was set aside and the RP replacement approved. en-us Wed, 26 Mar 2025 00:00:00 +0530 Thu, 03 Apr 2025 07:50:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768200 The NCLAT allowed an appeal against the Adjudicating Authority's rejection of a Resolution Professional (RP) replacement application. The Tribunal held that under Section 27 of the IBC, the Committee of Creditors can replace an RP with a requisite majority vote (78.86% in this case) without providing reasons or adhering to principles of natural justice. Following precedents from cases like Punjab National Bank vs. Kiran Shah, the court emphasized that the Adjudicating Authority should not interfere with the CoC's commercial wisdom unless the decision is perverse or without jurisdiction. The impugned order was set aside and the RP replacement approved. Case-Laws IBC Wed, 26 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768200