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Resolution professional faced penalty for not allowing creditors to decide fate of corporate debtor

October 30, 2018[2018] 100 299 (IBBI)

IBC: Where Resolution Professional-'S' deprived CoC of its right to decide fate of corporate debtor and thereby pushed corporate debtor into liquidation, 'S' had contravened provisions of sections 31(2) and 208(2) penalty equivalent to total fee payable to him as RP in CIRP by corporate debtor was imposed on him

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