IRP removed for breach of duties, non-disclosure in Sequel Buildcon insolvency case.

The National Company Law Appellate Tribunal (NCLAT) removed the Interim Resolution Professional (IRP) in the insolvency case of Sequel Buildcon Private Limited due to breaches of fiduciary duties and conflicts of interest. The IRP failed to disclose essential information about the credentials and appointment process of consultants to a key financier and did not reveal past associations with these consultants, violating the Insolvency and Bankruptcy Code's Code of Conduct. To protect stakeholders, particularly homebuyers, the NCLAT ordered the immediate removal of both the IRP and the appointed consultants. .....

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