Appeal dismissed; IRP's reconstitution of CoC under Regulation 17 found mischievous and beyond acceptable authority

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....NCLAT dismissed the appeal and upheld the Tribunal's scrutiny of the interim resolution professional's conduct in reconstituting the committee of creditors. The IRP had initially constituted the CoC on 21.08.2024 and filed under Regulation 17, but subsequently reconstituted the CoC by excluding two major financial creditors and reducing membership to a single member holding 0.18% voting share, a manoeuvre the Tribunal deemed mischievous and beyond acceptable exercise of authority. The Appellate Tribunal declined to set aside the Tribunal's well-considered directions or to interfere with disposal of IAs concerning the matter, and held that the additional applicant lacked independent grounds to sustain the appeal.....