IBC: CoC decision within section 22 ambit cannot be interfered by NCLT

IDBI Bank Limited Vs C.J. Davis (NCLAT Chennai)

Held that the decision in regard to appointment of IRP as RP or replacement of IRP by another RP falling within the ambit of Section 22 of I&B Code, 2016 is a decision based on commercial wisdom of CoC. Thus, decision of the CoC, in accordance with law the same cannot be interfered with by the Tribunals

Facts-

The Appellant submitted that the Adjudicating Authority rejected the Application filed by the Appellant /Financial Creditor under Section 22(3)(b) of the I& B Code, 2016. The above applications have been made by the Appellant praying the Bench to appoint Shri CA Mahalingam Suresh Kumar as Resolution Professional of the Corporate Debtor. However, the Learned Adjudicating Authority rejected the prayer of the Appellant, aggrieved by the same the present Appeal is preferred.

Conclusion-

Please become a Premium member. If you are already a Premium member, login here to access the full content.