Whether the decision of the CoC to replace the Resolution Professional being the outcome of the wisdom of the CoC, is subject to judicial review? – Venus India Asset-Finance Pvt. Ltd. Vs. Suresh Kumar Jain, RP of MK Overseas Pvt. Ltd. – NCLAT New Delhi

NCLAT held that when the CoC contemplates change of Resolution Professional, the Adjudicating Authority in terms of the statutory construct has to merely look into two basic check boxes which is whether the CoC has resolved to that effect with 66% vote share and whether the proposed Resolution Professional has given his written consent and not look at anything beyond. The statutory framework of the IBC also does not mandate that the CoC is required to adduce reasons for replacing the Resolution Professional.

Whether the decision of the CoC to replace the Resolution Professional being the outcome of the wisdom of the CoC, is subject to judicial review? – Venus India Asset-Finance Pvt. Ltd. Vs. Suresh Kumar Jain, RP of MK Overseas Pvt. Ltd. – NCLAT New Delhi Read Post »