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The Supreme Court has decided to examine an appeal by the State Bank of India (SBI)-led Committee of Creditors (CoC) of Regen Powertech (RPPL) against a National Company Law Appellate Tribunal (NCLAT) decision. The NCLAT directed the consolidation of insolvency proceedings for RPPL and its subsidiary Regen Infrastructure and Services (RISPL).
The lenders, led by SBI, for Regen Powertech Pvt Ltd (RPPL), have asked for the Supreme Court's guidance regarding the possibility of merging insolvency proceedings for RPPL and its subsidiary, Regen Infrastructure and Services Pvt Ltd (RISPL), in order to expedite debt recovery. The Committee of Creditors (CoC) is challenging the NCLAT's decision to combine the proceedings and invalidate RPPL's approved resolution plan
Dismissing an appeal filed by a Resolution Professional (RP), the Supreme Court has said that RP should maintain a neutral stand and it is for aggrieved parties, including the Committee of Creditors (CoC) to take recourse to appropriate legal ...
The Supreme Court recently objected to a Resolution Professional filing appeals against a National Company Law Appellate Tribunal (NCLAT) order.
The Supreme Court has ruled that resolution professionals (RPs) do not have the authority to file appeals against bankruptcy court decisions since they are considered "neutral" individuals appointed to assist the tribunals. Only parties directly affected, such as the Committee of Creditors (CoC), can file appeals. Legal experts believe this decision will help speed up insolvency resolutions. The court's ruling came in response to an appeal filed by the RP of Regen Powertech, who challenged decisions made by the National Company Law Appellate Tribunal (NCLAT).