If at all the COC is unhappy about the conduct of the RP or dereliction of duty on the part of the RP, they are at liberty to report the matter to IBBI for initiating disciplinary proceedings against the RP – Mr. Rohit Vora RP Vs. Religare Finvest Ltd. (India Resurgence ARC Pvt. Ltd.) – NCLT Mumbai Bench
It is observed from the minutes of the third COC meeting dated 18.07.2019 that the original lender, Religare Finvest Limited express their inability to provide interim finance and requested the RP to proceed ahead with the regular statutory audit and not to proceed with forensic audit. If at all the COC is unhappy about the conduct of the RP or dereliction of duty on the part of the RP, they are at liberty to report the matter to IBBI for initiating disciplinary proceedings against the RP. Since the COC has resolved to change the RP, the present RP is not questioning the Resolution nor the power of COC except claiming his fees. The COC having agreed to continue the present RP till the new RP is appointed on the same terms, now cannot deny his fee and expenses on flimsy grounds which were not borne by record.