Authorised Representative Can Be Replaced By Following Procedure Provided Under Regulation 16(3A) Of CIRP Regulations: NCLAT

The NCLAT ruled that the replacement of an authorized representative during CIRP proceedings must comply with specific regulations. The issue arose when a creditor sought to replace the authorized representative in the CIRP process. The NCLAT held that the replacement must be in line with the established CIRP regulations, and it underscored the importance of adhering to procedural guidelines during the resolution process. The ruling aimed at ensuring transparency and compliance within the CIRP framework, ensuring that all actions in the process were duly authorized and legitimate.