In a recent ruling, the Chennai bench of the National Company Law Appellate Tribunal (NCLAT) permits the Resolution Professional (RP) to issue a fresh Form G and to invite expressions of interest (EoI) from new and eligible resolution applicants by strictly adhering to the time-bound CIRP process.
JM Financial Asset Reconstruction Company Ltd, the appellant, challenged the Impugned Order, as it was passed by the adjudicating authority on the Application. The consequential effect of the impugned order under challenge has been that, the directions has been given to the Resolution Professional (RP) to conduct and complete the challenge mechanism process amongst the Resolution Applicants as contemplated under…