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NCLAT says Committee of Creditors has right to appoint liquidator for debt-ridden firm, not NCLT

The National Company Law Appellate Tribunal (NCLAT) ruled that only the Committee of Creditors (CoC) can appoint a liquidator for a company undergoing insolvency if the Resolution Professional (RP) hasn't provided written consent. The NCLAT set aside NCLT's appointments, stating the tribunal can only replace an RP, not appoint a liquidator independently of the CoC's choice.