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2021 (1) TMI 716 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHIReplacement of Appellant which was based on 4th Committee of Creditors meeting - Section 22 of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- The Power Department of Government of Sikkim being the major stakeholder had serious reservations about the conduct of the Appellant and disapproved of his behavior and action. The decision was taken to remove the Resolution Professional as the Committee of Creditors was not satisfied with the conduct of Corporate Insolvency Resolution Process by him. It cannot be termed to be a case of casting any stigma on the conduct of the Appellant. If the conduct of Corporate Insolvency Resolution Process was disapproved by the Committee of Creditors and he lost their confidence, the Appellant has no vested right of foisting himself on the Committee of Creditors for his continuance. The removal having the requisite majority vote shares cannot be held to be flawed in any manner. Since there are no adverse observations against the Appellant alleging or attributing any misconduct to him, there is no occasion for expunging of any such remarks. Appeal dismissed.
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