Resolution Professional is merely a facilitator – Aska Investments Pvt. Ltd. Vs. Ram Ratan Modi, RP of Duncan Industries Ltd. – NCLT Kolkata Bench
Adjudicating Authority held that it is the settled law that resolution professional is merely a facilitator. Resolution plan prepared by him is not binding upon the CoC. It is only the CoC which has to take the final call to approve the resolution plan or reject it. The approval of the Resolution Plan is in the domain of the Committee of Creditors and not that of Resolution Professional. Feasibility and viability of a resolution plan has to be seen by CoC in terms of Regulation 39 of the Insolvency and Bankruptcy Code, 2016.