The National Company Law Tribunal (NCLT) on Wednesday ordered the removal of Bjyu’s interim resolution professional (IRP).
The insolvency court also directed the Insolvency and Bankruptcy Board of India (IBBI) to take disciplinary action against the IRP and disband the committee of creditors (CoC) constituted by the IRP.
The NCLT’s Bengaluru bench passed the order on the pleas of Byju’s lenders, US-based Glass Trust Company and Aditya Birla Finance Ltd, who alleged fraud in creditor classification.
“It is clear from the aforementioned that the IRP has a duty to assist the tribunal with integrity in an honest and fair manner, and the conduct of the IRP in the present case has been filed with the intent to mislead the tribunal,” the…
