Once decision taken by IRP/RP and COC, it cannot be changed unilaterally without valid justification. Similarly, same Legal Counsel cannot give furnish two contrary opinions, as and when IRP/RP seeks opinion suitable to him – M/s. Kotak Mahindra Bank Ltd. Vs. M/s. Arun Shelters Pvt. Ltd. – NCLT Bengaluru Bench
June 29, 2020
The Adjudicating Authority held that in view of time lines prescribed under the provisions of Code and the rules made thereunder, CIRP/ Liquidation should be conducted strictly following extant provisions of Code and the Rules made thereunder. And decision(s) should be taken on issues arise during CIRP, after fully analysing the issue in proper perspective, and once decision taken by IRP/RP and COC, it cannot be changed unilaterally without valid justification. Similarly, same Legal Counsel cannot give furnish two contrary opinions, as and when IRP/RP seeks opinion suitable to him.