Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2019 (9) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (9) TMI 1406 - Tri - Insolvency and BankruptcyJurisdiction - power of CoC to change the RP - Replacement of Mr. Mahendra Khandelwal with Mr. Abhijit Guhathakurta - HELD THAT:- This Bench is of the view that the power of CoC, to replace the IRP with RP in the first CoC meeting as prescribed under section 22 of the I&B Code or the power to replace the RP at any time during the CIRP proceedings as prescribed under section 27 of the I&B Code, cannot be interfered with. In the insolvency resolution mechanism, the RP acts as a bridge between the CoC and the prospective investors and other stakeholders of the Corporate Debtor. Hence, the appointed RP should be the one in active confidence of the CoC - All the contentions and objections to this application, made by the Operational Creditors and the erstwhile IRP Mr. Mahendra Khandelwal, have been answered by the Applicant. Application allowed.
|