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2019 (2) TMI 1660 - AT - Insolvency and BankruptcyJurisdiction - whether the ‘Resolution Professional’ has jurisdiction to reject the claim? - HELD THAT:- The issue fell for consideration before the Hon’ble Supreme Court in SWISS RIBBONS PVT. LTD. AND ANR. VERSUS UNION OF INDIA AND ORS. [2019 (1) TMI 1508 - SUPREME COURT] where it was held that Unlike the liquidator, the resolution professional cannot act in a number of matters without the approval of the committee of creditors under Section 28 of the Code, which can, by a two-thirds majority, replace one resolution professional with another, in case they are unhappy with his performance. Thus, the resolution professional is really a facilitator of the resolution process, whose administrative functions are overseen by the committee of creditors and by the Adjudicating Authority. The ‘Resolution Professional’ is directed to act in accordance with the directions of the Adjudicating Authority. Appeal dismissed - decided against appellant.
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