An interim resolution professional (IRP) cannot seek natural progression to a resolution professional (RP) in an insolvency matter; the prerogative to continue with the IRP as RP or to replace the IRP with another RP lies with the committee of creditors (CoC), the National Company Law Tribunal (NCLT) has observed.
“The power to replace an RP is solely and absolutely vested with the CoC,” the Hyderabad bench of the NCLT has said, rejecting an application from Mahender Kumar Khandelwal, who was appointed by the CoC as the IRP to manage the affairs of insolvent KSK Mahandai Power’s resolution till an RP was appointed.
