When once the CoC is/was formed, the Resolution Professional cannot alter the same. A Resolution Professional has no Adjudicatory Power under the Code – Mr. K.N. Rajakumar Suspended Director Vs. V. Nagarajan RP of M/s. Aruna Hotels Ltd. – NCLAT Chennai

It is to be pointed out that when once the CoC is/was formed, the Resolution Professional cannot alter the same. A Resolution Professional has no Adjudicatory Power under the Code. On a careful consideration of the respective contentions advanced on either side, this Tribunal is of the considered view that the Resolution Professional has no Adjudicatory Power under the Code, 2016 and further that when once the Committee of Creditors is/was formed, the Resolution Professional cannot change the Committee of Creditors. Suffice it for this Tribunal to make a pertinent mention that the Resolution Professional/1st Respondent cannot constitute a CoC afresh, in negation of the earlier constituted CoC. The present is dismissed. (p26 & p28)

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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

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