The provisions of law empower CoC contemplated under Section 22 of the IBC, 2016 either to continue the IRP as RP or replace the IRP – M/s IDBI Bank Ltd. Vs. C.J. Davis IRP of Tip Top Furniture Pvt. Ltd. – NCLAT Chennai
NCLAT held that the provisions of law empower the CoC contemplated under Section 22 of the I&B Code, 2016 either to continue the IRP as RP or replace the IRP. When the provisions are unambiguous and authorises the CoC to act in accordance with law the same cannot be interfered with by the Tribunals unless and until it is arbitrary, illegal and irrational and dehors the provisions of the Code and the Rules.