Sambhal Violence | Inquiry Panel Already Formed By UP Govt: Allahabad HC Allows Withdrawal Of PIL Against 'Police Atrocities'

The National Company Law Appellate Tribunal (NCLAT) ruled that a resolution professional cannot be faulted for revising resolution plans multiple times as per the instructions of the Committee of Creditors (CoC). The case involved a resolution professional being criticized for modifying the resolution plans during the corporate insolvency resolution process. The NCLAT held that the professional was acting within their powers and responsibilities, as the CoC had the authority to direct such revisions. This ruling clarifies the role of resolution professionals and strengthens the decision-making authority of the CoC under the Insolvency and Bankruptcy Code.