NISHANT

Can NCLT appoint a RP sans Committe of Creditor's vote?

NISHANT MEHROTRA 25 Jan 2018

Can NCLT appoint a RP sans Committe of Creditor's vote?

NCLT Hyderabad Bench has appointed a Resolution Professional (RP) who was not recommended by the Committee of Creditors, for a company under moratorium. The Financial Creditors of Deccan Chronicle Holdings Limited had sought to replace their RP KK Rao, and had held a vote to decide on his successor. None of the three candidates being considered secured the 75 % vote that would have made them an automatic choice. At this stage, NCLT appointed an outsider Dr. Mamta Binanni as the Insolvency Resolution Professional (IRP), purportedly for the reason that insolvency resolution process must continue.

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