Inappropriate act/ omission by CoC cannot be accepted

Rathi Graphic Technologies Limited Vs Raj Kumar Rathi And Others (NCLT Allahabad) Held that a statutory institution like CoC which is in most of the cases represented by public financial institutions is expected to act in a fair and neutral manner so that the objects of IBC, 2016 can be achieved for the benefit of all. Facts- The Interim Resolution Professional (“IRP”) was appointed to conduct Corporate Insolvency Resolution Process (“CIRP”). Subsequently, IRP was replaced by current RP vide order of this Adjudication Authority dated 10th June, 2020 on the basis of resolution passed by...