Order of appointment of another IRP was set aside as NCLT could not substitute IRP unless disciplinary proceedings were pending

K.J.Vinod (Insolvency Professional) Vs Registrar of the National Company Law Tribunal (Madras High Court) Conclusion: NCLT had no discretion to appoint an IRP other than the one proposed by the applicant, unless disciplinary proceedings were pending. As the NCLT’s order substituting the recommended IRP lacked statutory support, it was quashed and the matter remitted for fresh consideration. Held: Assessee was enrolled as a member of the Insolvency Professional Agency of Institute of Cost Accountants of India (‘Agency’). He was also registered as a Resolution Professional (RP) with the In...