Resolution Professional Becomes Functus Officio After Approval of Plan under IBC: NCLT [Read Order]

The NCLT concluded that the resolution professional had become functus officio after the approval of resolution plan therefore the present application could not be filed
Resolution Professional - Functus Officio - IBC - NCLT - taxscan

The Mumbai bench of the National Company Law Tribunal (NCLT) observed that Resolution Professional (RP) is not empowered to file an application after the approval of resolution plan and becomes Functus Officio. The Tribunal further held that Insolvency and Bankruptcy Board of India (IBBI) should investigate into the conduct of both the RP and respondent…

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