IBC doesn’t have provision to provisionally constitute CoC: NCLAT Chennai

Byju Raveendran Vs Aditya Birla Finance Ltd (NCLAT Chennai) NCLAT Chennai held that as per the Insolvency and Bankruptcy Code [IBC] there is no provision to ‘provisionally’ constitute the Committee of Creditors [CoC]. Thus, CoC once constituted is final and cannot be revised by IRP. Facts- This appeal is filed by Byju Raveendran, suspended director and promoter of M/s Think and Learn Pvt. Ltd. under Section 61 of the Insolvency and Bankruptcy Code, 2016 to assail the validity of the order passed by the NCLT, Bengaluru Bench dated 29.01.2025. The Tribunal framed two issues, namely, (i) whet...