
Key aspects of the case –worth knowing [1] It is the creditors- with 81% voting rights — who okayed the plan. [2] NCLT–in its final order –held that investigation into voting process fell outside the scope of PART III of IBC which deals with personal insolvency [3] The first Resolution Profesional– was replaced after concerns were raised that he had overstepped his role by acting as a consultant in the formulation of the repayment plan [4] The one- who replaced first RP–allegedly accelerated the process ,admitted entities allegedly associated with Chandra into creditors list etc – Courtesy BusinessLine
