Monitoring Professional has authority to file application for initiation of CIRP: NCLT Delhi

The tribunal observed that since the monitoring committee and its chairman are governed by the IBC, they have the locus standi to initiate CIRP applications and take necessary steps for the benefit of the organization.

The Delhi Bench of National Company Law Tribunal, while hearing an application for initiation of Corporate Insolvency Resolution Process, held that the chairman of the monitoring committee has the locus standi to apply for initiation of CIRP under the Insolvency Bankruptcy Code, 2016 (IBC). (M/s Educomp Infrastructure & School Management Ltd. v M/s Millenium Education Foundation)

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