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IBBI Disciplinary Committee held that Section 30(4) IBC requires 66% of total voting share, so excluding non-voting SBI was impermissible.
Insolvency and Bankruptcy Board of India (IBBI) Disciplinary Committee has imposed a suspension of Authorisation for Assignment of Insolvency Professional Fanendra Harakchand Munot for three months for the exclusion of the stake of a non-voting creditor from the denominator to claim that the resolution plan is approved by the Committee of Creditors (CoC).
Munot was the…