The panel of experts constituted by the government to review the Insolvency and Bankruptcy Code (IBC) has recommended that the National Company Law Tribunal (NCLT) should have the power to direct the Insolvency Board to propose another liquidator where the resolution professional (RP) does not consent to continue as the liquidator, according to Devidas Banerji, Partner, Khaitan & Co.
Khaitan & Co is a law firm and is involved in some of the major insolvency cases.
Currently, the NCLT has the power to replace the RP on the recommendation of the Insolvency Board, Banerji told BusinessLine. There have been instances where the promoters have been aggrieved about the way in which, a particular RP or liquidator conducts the corporate insolve…
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