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The National Company Law Appellate Tribunal (NCLAT) has held that a Resolution Professional (RP) under the Insolvency & Bankruptcy Code cannot go into the issue of legality or illegality of a resolution applicant’s status as a willful defaulter when the same is already pending before the High Court. (HS Bedi vs Oriental Bank of Commerce)
The order was passed by a two-member Bench of Justice Jarat Kumar Jain, Member (Judicial) and Balvinder Singh, Member (Technical) in an appeal under section 61 IBC challenging an order of liquidation passed by National Company Law Tribunal (NCLT), Bengaluru.
The appeal was preferred by an erstwhile promoter of the corporate…
Read the full article at: https://www.barandbench.com/news/litigation/resolution-professional-cannot-decide-legality-resolution-applicant-willful-defaulter-nclat
