If CIRP Regulation 30A(1)(a) is pressed into service then it is incumbent on the part of the Interim Resolution Professional/Resolution Professional to constitute the Committee of Creditors – CFM Asset Reconstruction Pvt. Ltd. Vs. Mr. Vishram Narayan Panchpor RP – NCLAT New Delhi

NCLAT set aside the NCLT order and held that the reality of the matter is that the Appellant, the Assignee of JSB, standing in the shoes of JSBL, will become an Applicant in so far as the withdrawal is concerned as per Regulation 30A and Section 12A of the IBC, 2016. Furthermore, in the instant case it can safely and securely be said that 1st Respondent/Resolution Professional by constituting CoC on 27.08.2020 as thwarted an endeavour of the Appellant in seeking a pre CoC constitution withdrawal as per Regulation 30A(1)(a). Suffice it for this Tribunal to make a pertinent mention as the 1st Respondent/Resolution Professional, by constituting the CoC after the submission of Form A, the 1st Respondent had acted not in tune with the intention of the Amendment dated 25.07.2019 brought in the CIRP Regulations, 2016.

If CIRP Regulation 30A(1)(a) is pressed into service then it is incumbent on the part of the Interim Resolution Professional/Resolution Professional to constitute the Committee of Creditors – CFM Asset Reconstruction Pvt. Ltd. Vs. Mr. Vishram Narayan Panchpor RP – NCLAT New Delhi Read Post »