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REDDYANDREDDYASSOCIATES 55dafb5d4ec0a407c44969ae Services https://www.reddyandreddylawfirm.com

Resolution Professional cannot decide the eligi...

  • 2022-04-08T05:07:32

Resolution Professional cannot decide the eligibility under Section 29A of the Insolvency and Bankruptcy Code, 2016: NCLAT Delhi The NCLAT bench comprising Justice Ashok Bhushan, Dr. Alok Srivastava, and Ms. Shreesha Merla has held that it is not required of the Resolution Professional to decide whether the Resolution Applicant is eligible or not under the provisions of Sec 29 A. The appellant contended that the opinion on the eligibility of the applicant by the Resolution Professional is inconsistent with IBC provisions. NCLAT held that the Resolution Profession can only present his opinion but does not have the power to decide the applicant’s eligibility. He has to present his opinion about the Resolution plan to the Committee of Creditors and then, the Committee decides whether to approve the plan or not. With a team of Commercial Law experts, Reddy & amp; Reddy Law Firm has extensive experience and involvement in commercial disputes, including Insolvency Proceedings. We are regularly involved in representations before NCLT, NCLAT, DRT, and other commercial tribunals in India.

Resolution Professional cannot decide the eligibility under Section 29A of the Insolvency and Bankruptcy Code, 2016: NCLAT Delhi The NCLAT bench comprising Justice Ashok Bhushan, Dr. Alok Srivastava, and Ms. Shreesha Merla has held that it is not required of the Resolution Professional to decide whether the Resolution Applicant is eligible or not under the provisions of Sec 29 A. The appellant contended that the opinion on the eligibility of the applicant by the Resolution Professional is inconsistent with IBC provisions. NCLAT held that the Resolution Profession can only present his opinion but does not have the power to decide the applicant’s eligibility. He has to present his opinion about the Resolution plan to the Committee of Creditors and then, the Committee decides whether to approve the plan or not. With a team of Commercial Law experts, Reddy & amp; Reddy Law Firm has extensive experience and involvement in commercial disputes, including Insolvency Proceedings. We are regularly involved in representations before NCLT, NCLAT, DRT, and other commercial tribunals in India.

  • 2022-04-08T05:07:32

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