No advantage to RP on failure to claim CoC resolution with 66% voting on his replacement

Advertisement Mathioli N Vs Reliance Asset Reconstruction Company Limited (NCLAT Chennai) Conclusion: Appellate Tribunal held that the NCLT’s order replacing the Resolution Professional suffered from procedural irregularity and violation of natural justice. Replacement under Section 27 of the I&B Code must be done only through a CoC resolution with 66% voting however, since the RP himself failed to place the agenda for replacement, he could not claim advantage of that lapse. Accordingly, the impugned order was quashed, and the NCLT was directed to follow due procedure under Section 27...