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NCLT oversteps its powers as per Insolvency and Bankruptcy Code, appoints Resolution Professional for a company

NCLT oversteps its powers as per Insolvency and Bankruptcy Code, appoints Resolution Professional for a company

General Legal/Tushar Singh/27 Jan 2018
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Image courtesy: CfoIndia

The Hyderabad Bench of the National Company Law Tribunal (NCLT) may have just overstepped its powers today, by appointing a Resolution Professional (RP), not recommended by the Committee of Creditors (CoC), for a company under moratorium.

Section 27 of the Insolvency and Bankruptcy Code, 2016 (IBC) provides for the procedure to be followed for the replacement of an RP.  The power of the NCLT in this regard, is largely to act as a rubber stamp for substituting an RP.

Only in the event the recommended RP has disciplinary proceedings pending before the IBBI, will the incumbent RP continue to hold the position till another one is appointed.

The Financial Creditors of Deccan Chronicle Holdings Limited had sought to replace their RP KK Rao, and had held a vote to decide on his successor. None of the three candidates being considered secured the 75 % vote that would have made them an automatic choice.

Source: BarandBench


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