While the Indian bankruptcy code has vested significant powers in the hands of the resolution professional (RP), the National Company Law Appellate Tribunal (NCLAT) has ruled that these are not without limits, reports Shayan Ghosh in Mumbai. It has clarified that the bankruptcy court has the powers to replace an RP if not satisfied. It was hearing an appeal by Devendra Padamchand Jain, the RP for VNR Infrastructures, against his removal by the NCLT’s Hyderabad bench.
NCLAT orders: Power of resolution professional not limitless
While the Indian bankruptcy code has vested significant powers in the hands of the resolution professional (RP), the National Company Law Appellate Tribunal (NCLAT) has ruled that these are not without limits, reports Shayan Ghosh in Mumbai.
