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2021 (5) TMI 82 - AT - Insolvency and BankruptcyHolding of meeting of CoC - validity of direction Resolution Professional to call for a meeting of the ‘Committee of Creditors of Corporate Debtor’ - the members of the meeting were, who originally constituted the ‘CoC’ during the year 2017 - validity of calling of meeting of those CoC soon after the order of admission of CIRP of the Corporate Debtor, without taking into account the present status of the Financial and Operational Creditors and claims filed to that extent - HELD THAT:- This Tribunal is of the considered view that the ‘Resolution Professional’ has no ‘Adjudicatory Power’ under the I & B Code, 2016 and further that when once the ‘Committee of Creditors’ is/was formed, the ‘Resolution Professional’ cannot change the ‘Committee of Creditors’. Suffice it for this Tribunal to make a pertinent mention that the Resolution Professional/1st Respondent cannot constitute a ‘Committee of Creditors’ afresh, in negation of the earlier constituted ‘Committee of Creditors’. This Tribunal on going through the Impugned Order passed by the Adjudicating Authority comes to a consequent conclusion that the observation made inter-alia to the affair that ‘CoC’ constituted presently by the IRP/RP in derogation of the order passed by it shall stands suspended and shall not exercise any of the powers as provided under the Provisions of IBC, 2016 and the directions issued to the IRP/RP to comply with the directions therein within a period of 10 days from the date of the order. Appeal dismissed.
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