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TMI BlogDuties of Resolution Professional [Section 25]X X X X Extracts X X X X X X X X Extracts X X X X ..... of the corporate debtor , including the continued business operations of the corporate debtor. Duties of Interim Resolution Professional (IRP) [ Section 25(2) ] T h e resolution professional shall undertake the following actions to protect the assets of the corporate debtor, namely: ( a ) take immediate custody and control of all the assets of the corporate debtor, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of creditors, having regard to the complexity and scale of operations of the business of the corporate debtor and such other conditions as may be specified by the Board, to submit a resolution plan or plans; ( i ) present all resolution plans at the meetings of the committee of creditors; ( j ) file application for avoidance of transactions in accordance with Chapter III, if a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on plan after opening of other bid cannot be justified by any means and is a blatant misuse of the authority invested in the RP to conduct CIRP. It was further observed that the material irregularity in exercise of powers by the RP, even with the approval of the CoC in the conduct of CIRP, cannot be treated as an exercise of commercial wisdom. Amit Gupta Vs. Yogesh Gupta - NCLAT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cture Pvt. Ltd. Anr. Vs. Amit Pareek Ors. NCLAT order dt. 19.10.2020 RP had acted against the mandate of provisions contained in sections 25(2) and section 30(3) of the Code by not placing the revised resolution plan before the CoC for consideration. This was also contrary to the objective of maximisation of value of assets of CD. Jaypee Kensington Boulevard ..... X X X X Extracts X X X X X X X X Extracts X X X X
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