Adjudicating Authority Can Invoke Inherent Powers To Replace The Liquidator: NCLAT
2 years, 2 months ago

Adjudicating Authority Can Invoke Inherent Powers To Replace The Liquidator: NCLAT

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Dr. Alok Srivastava and Mr. Barun Mitra, while adjudicating an appeal filed in Subrata Maity v Mr. Amit C. Poddar & Ors., has held that the Adjudicating Authority can invoke its inherent powers to replace the Liquidator and to do substantial justice. The Adjudicating Authority vide its order dated 22.09.2022 had replaced the Appellant with another Liquidator namely Mr. Amit C. Poddar. The Adjudicating Authority had noted that the Appellant was arrested by CBI, due to which 116 days were lost due the Appellant's incapability to act as a Liquidator. The Appellant being the erstwhile Liquidator, challenged the Order dated 22.09.2022 before the Adjudicating Authority.

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History of this topic

Non Impleadment Of Owner As Party By Liquidator In Application U/S 19 Of IBC Not Malafide If Ownership Was Uncertain: NCLAT
2 days, 19 hours ago

Non Impleadment Of Owner As Party By Liquidator In Application U/S 19 Of IBC Not Malafide If Ownership Was Uncertain: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan, Mr. Arun Baroka and Barun Mitra has held that non impleadment of the owner in application under section 19 of the code filed by the liquidator due to the uncertainty over the ownership of the premises cannot be termed malafide. However, on 01.07.2020, the liquidator filed Section 19 application under IBC …

Adjudicating Authority Cannot Enter Into Merits At S. 95 Application Stage Before Report Of RP Is Submitted U/S 99 Of IBC: NCLAT
1 month, 1 week ago

Adjudicating Authority Cannot Enter Into Merits At S. 95 Application Stage Before Report Of RP Is Submitted U/S 99 Of IBC: NCLAT

Live Law  

The NLCAT New Delhi bench of Justice Ashok Bhushan, Barun Mitra and Arun Baroka affirmed that Adjudicating Authority cannot exercise its adjudicatory power at the stage of consideration of application under section 95 of the IBC by entering into the merits of the case. Brief Facts This Appeal by the Financial Creditor has been filed challenging order dated 21.02.2024 passed …

AA Empowered To Remove The Liquidator: NCLAT Chennai
1 year, 11 months ago

AA Empowered To Remove The Liquidator: NCLAT Chennai

Live Law  

The National Company Law Appellate Tribunal, Chennai Bench, comprising of Justice M. Venugopal and Mr. Barun Mitra, while adjudicating an appeal filed in CA V. Venkata Sivakumar v IDBI Bank Limited & Ors., has held that the Adjudicating Authority has the power to remove the Liquidator. On 29.05.2020 the Adjudicating Authority ordered for liquidation of the Corporate Debtor and appointed …

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