Can Successful Resolution Applicant be substituted in the place of Administrator/RP subsequent to approval of Resolution Plan – Nippon Life India Asset Management Ltd. Vs. Piramal Capital & Housing Finance Ltd. & Ors. – NCLAT New Delhi

These two Appeals have been filed against the order dated 09.02.2023 passed by the NCLT, Mumbai Bench, Court II by which applications filed by Successful Resolution Applicant to substitute itself in the place of Administrator who had filed application under Section 43, 44 and 66 of the Code has been allowed.

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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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