NCLT Orders Disciplinary Proceedings Against Resolution Professional Of BYJU's, Says He Acted With Prejudice To Mislead Tribunal

The NCLT has initiated disciplinary proceedings against the Resolution Professional (RP) of Byju’s, nullified the reconstitution of the Committee of Creditors (CoC) by the Insolvency Resolution Professional (IRP), and restored Aditya Birla Finance Ltd. as a financial creditor in the insolvency proceedings. This decision was based on allegations of misconduct and improper reconstitution, which hindered the insolvency resolution process. The NCLT emphasized the need for adherence to legal protocols and transparency in such high-stakes corporate restructuring matters, ensuring the integrity of the process.