The Tribunal addressed the issue of replacing the Resolution ...

Plea for RP replacement denied as no authorization for lawyer to meet PG. New RP appointed. Debtor to prepare repayment plan.

Case Laws Insolvency and Bankruptcy

June 5, 2024

The Tribunal addressed the issue of replacing the Resolution Professional (RP) due to alleged lack of desire to streamline the process. The RP's role in preparing the repayment plan was discussed u/s 105 of IBC, 2016, emphasizing that the plan must be prepared by the Debtor, with RP's consultation. The RP's authority to conduct negotiations between debtor and creditors was highlighted u/s 100(2) of IBC. The decision appointed a new RP, Mr. Shiv Nandan Sharma, u/s 105(2) of the Code, emphasizing that the previous RP should not be held accountable. The application was disposed of, with the new RP instructed to fulfill duties as per the Tribunal's order.

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The Tribunal addressed the issue of replacing the Resolution ...

Plea for RP replacement denied as no authorization for lawyer to meet PG. New RP appointed. Debtor to prepare repayment plan.

Case Laws Insolvency and Bankruptcy

June 5, 2024

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