The appeal challenges an order passed by the National Company Law Tribunal (NCLT) which partly allowed an application for the replacement of a Resolution Professional (RP) in an insolvency resolution process.
Mr. Vinay Rai, the Personal Guarantor, filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) for his insolvency resolution process. The NCLT, after obtaining confirmation from the IBBI, appointed Mr. Prabhat Ranjan Singh as the Resolution Professional (RP) on December 6, 2023, and directed him to submit a report under Section 99 of the IBC. The RP submitted his report on February 14, 2024. Subsequently, on February 28, 2024, the Financial Creditor, Technology Development Board, filed IA No. 1904 of 2024, seeking the removal of Mr. Prabhat Ranjan Singh as RP. The Financial Creditor argued that Mr. Prabhat Ranjan Singh was not competent or independent, citing his previous representation of Usha India Ltd. (the Corporate Debtor) and
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The Adjudicating Authority appointed Mr.…
The Resolution…
The appeal challenges an order passed by the National Company Law Tribunal (NCLT) which partly allowed an application for the replacement of a Resolution Professional (RP) in an insolvency resolution process.
Mr. Vinay Rai, the Personal Guarantor, filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) for his insolvency resolution process. The NCLT, after obtaining confirmation from the IBBI, appointed Mr. Prabhat Ranjan Singh as the Resolution Professional (RP) on December 6, 2023, and directed him to submit a report under Section 99 of the IBC. The RP submitted his report on February 14, 2024. Subsequently, on February 28, 2024, the Financial Creditor, Technology Development Board, filed IA No. 1904 of 2024, seeking the removal of Mr. Prabhat Ranjan Singh as RP. The Financial Creditor argued that Mr. Prabhat Ranjan Singh was not competent or independent, citing his previous representation of Usha India Ltd. (the Corporate Debtor) and
…The Adjudicating Authority appointed Mr.…
The Resolution…