Madras High Court Questions NCLT’s Discretion in IRP Appointment, Reaffirms Primacy of IBC Provisions

The Madras High Court has questioned the "NCLT's discretion in the appointment of an Interim Resolution Professional (IRP)," reaffirming the primacy of IBC provisions. The court's ruling emphasizes that the NCLT must follow the letter of the law when appointing an IRP and cannot exercise its discretion in a manner that is inconsistent with the provisions of the Insolvency and Bankruptcy Code (IBC). This decision reinforces the importance of procedural integrity and the rule of law in insolvency matters.