Corporate LawsLaw Report
NCLAT dismissed appeals as the removed RP lacked vested rights, while the successor RP agreed to convene creditors meeting.
The appeals filed by a removed Resolution Professional (RP) have been rejected by the National Company Law Appellate Tribunal (NCLAT). It has been stated that a suspended RP does not have the ability to initiate proceedings post his suspension and also that he cannot contest the actions taken by a succeeding RP to call for a creditors’ meeting for discussion on a repayment plan.
The interim stay order issued in favor…