NCLAT rejected contempt proceedings against resolution ...

Resolution Professional Cleared: 98% Creditor Vote Validates Withdrawal Application Under Section 12A Without Contempt

May 10, 2025

Case Laws IBC AT

NCLAT rejected contempt proceedings against resolution professional (RP) for filing Section 12A withdrawal application. The Tribunal determined that RP's application for CIRP withdrawal, approved by 98% Committee of Creditors (CoC) vote share, did not constitute willful disobedience of prior tribunal order. The RP was statutorily obligated to file withdrawal application, and since CoC did not approve fee payments to former or current RP, no contempt could be established. The tribunal found no merit in the contempt application, emphasizing that statutory compliance cannot be construed as contumacious conduct, thereby dismissing the application and protecting the RP's procedural actions under Insolvency and Bankruptcy Code.

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NCLAT rejected contempt proceedings against resolution ...

Resolution Professional Cleared: 98% Creditor Vote Validates Withdrawal Application Under Section 12A Without Contempt

May 10, 2025

Case Laws IBC AT

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