2018 (5) TMI 2011 - Tri - Insolvency and Bankruptcy

Maintainability of application - State Bank of India is a member of the committee of creditors and the name of Mr. K. V. Somani has now been proposed by the COC to act as Resolution Professional by replacing the earlier Resolution Professional, Mr. Rakesh Kumar Jain - HELD THAT - The proposed Resolution Professional cannot be regarded as independent umpire to conduct CIR process as required by well settled practice and therefore, we cannot accept the request made by the learned Counsel for the COC and reject the application. Application dismissed.

Summary

The National Company Law Tribunal, New Delhi, dismissed the application to appoint Mr. K. V. Somani as the Resolution Professional due to his lack of independence as he was previously associated with State Bank of India. The Tribunal rejected the request made by the Committee of Creditors.