IBC 2016: Suspended Board of Director’ cannot displace a ‘Resolution Professional’

Anil Kumar Ojha Vs Chandramouli Ramasubramaniam Resolution Professional of SLO Industrial Ltd. & Anr. (NCLAT, Chennai) Section 27 of I & B Code specifies that a ‘Resolution Professional’ may be replaced/displaced at any time during ‘CIRP’ by the ‘Committee of Creditors’, by a 66% majority of voting shares, subject to a written consent of the proposed ‘Resolution Professional’. The ‘desires’ of majority of ‘Creditors’ is to be given weight. Undoubtedly, the ‘Committee of Creditors’ do have the right to displace a ‘Resolution Professional’. Section 27 of t...