Related Party Under Section 5(24) IBC Removed from Committee of Creditors Due to Common Control Structure

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....Resolution Professional's decision to remove appellant from Committee of Creditors upheld by NCLAT. The appellant, Hari Vitthal Mission, was determined to be a related party of Corporate Debtor under Section 5(24) of IBC due to common control by Kanoria Foundation. Kanoria Foundation held 99.9% stake in appellant and effectively controlled 31% of Corporate Debtor through intermediary entities. The tribunal confirmed RP's authority to determine related party status and endorsed findings that appellant qualified as related party under Section 5(24)(i) and (j), being a subsidiary of the same holding company/trust controlling Corporate Debtor. As related parties are prohibited from CoC participation under Section 21(2), appellant's removal was legally justified. Appeal dismissed, affirming Adjudicating Authority's order.....