https://www.taxtmi.com/caselaws?id=774576 The NCLAT Principal Bench ruled that suspension of authorization for assignment under Bye-Law 23A does not automatically debar a Resolution Professional from continuing existing assignments, only from taking new ones. The tribunal found no majority opinion existed on whether the RP should be replaced, setting aside the earlier order directing IBBI to replace the RP. The court held that the statutory scheme under relevant IBBI regulations indicates suspension only prohibits fresh assignments, not continuation of pending matters. The appeal was allowed in part, with directions for the Adjudicating Authority to proceed with the plan approval application. en-us Tue, 08 Jul 2025 00:00:00 +0530 Thu, 10 Jul 2025 14:15:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=774576 The NCLAT Principal Bench ruled that suspension of authorization for assignment under Bye-Law 23A does not automatically debar a Resolution Professional from continuing existing assignments, only from taking new ones. The tribunal found no majority opinion existed on whether the RP should be replaced, setting aside the earlier order directing IBBI to replace the RP. The court held that the statutory scheme under relevant IBBI regulations indicates suspension only prohibits fresh assignments, not continuation of pending matters. The appeal was allowed in part, with directions for the Adjudicating Authority to proceed with the plan approval application. Case-Laws IBC Tue, 08 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=774576