Resolution Professional has to confirm that Resolution Plan does not violate any provisions of law: NCLT

The Resolution Applicant in this case had concealed the fact that it was barred by SEBI from accessing the securities market for a period of 10 years, due to non-compliance of a SEBI circular.

The Chandigarh Bench of the National Company Law Tribunal (NCLT) on Monday reiterated that a Resolution Professional is required to ensure that a Resolution Plan does not violate any existing provisions of law [Phoenix ARC Private Limited v. GPI Textiles Limited].

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