CIRP of Corporate Debtor vitiated if illegally constituted committee of creditors took decisions at every stage of CIRP

Jayanta Banerjee Vs Shashi Agarwal (NCLAT Delhi) In the instant case, we find that the IRP/RP had formed the Committee of Creditors based on the Financial Creditors’ submission of claims even without verification, despite that one of the financial creditors had explicitly requested to defer the e-voting on the resolution of the 5th CoC dated 5th December 2019, till the verification of voting percentage and compliance of CIRP process. The IRP/RP has formed the Committee of Creditors without admitting the claims of the Financial Creditors, which violate Regulation 12 (3) of the CIRP Regula...