If an Adjudicating Authority is dissatisfied with the performance of Resolution Professional, as Liquidator, it may appoint another Insolvency Professional, as Liquidator – Dr. K.V. Srinivas RP, Sainath Estates Pvt. Ltd. – NCLAT Chennai

In this judgment, NCLAT clarified various powers and grounds on the replacement of a liquidator such as Exercise of Discretion, Exercise of Discretion, Rejection of appointment of Liquidator, No Vested / Fundamental Right, Complaints by Stakeholder and power of IBBI to replace a liquidator.

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If any Public depositor applies showing due of the debt claiming itself as operational creditor and the Resolution Professional or the Tribunal do not accept the claim on the ground that they are not financial creditor, we allow the appellant to raise the question before the Tribunal and if any adverse decision is given by the Tribunal, it will be open to the appellant to raise the issue before NCLAT- Hind Motors India Ltd. Vs. Adjudicating Authority NCLT, Chandigarh – NCLAT New Delhi

IBC-Case Laws-NCLAT
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