Supreme Court: Non-Signatory That is Not a Veritable Party Cannot Invoke an Arbitration Clause  ||  SC: Bail Can't be Cancelled For Police Non-Appearance Once Chargesheet is Filed and Trial is Attended  ||  SC: New Arbitration Bill Fails To Provide a Statutory Appeal Against Tribunal Termination Orders  ||  SC: Employees Who Resign or Retire After Five Years of Service Are Entitled to Receive Gratuity  ||  SC: Employees Who Resign or Retire After Five Years of Service Are Entitled to Receive Gratuity  ||  Supreme Court: Higher Courts Should Avoid Unnecessary Remand of Cases to Lower Courts  ||  J&K&L HC: Under SARFAESI Act, Borrower's Right To Redeem a Secured Asset Ends With Auction Notice  ||  Calcutta HC: Income Tax Returns Can Be Used to Assess Victim's Income; ?39 Lakh Compensation Granted  ||  Delhi HC: Woman's Right to a Shared Household Does Not Allow Indefinite Occupation of In-Laws' Home  ||  Delhi HC: Director Disputes in a Company Do Not Qualify as Genuine Hardship to Delay ITR Filing    

NCLAT, Chennai: Suspended Board of Directors Do Not Have Powers to Appoint Resolution Professional - (02 Mar 2022)

INSOLVENCY

National Company Law Appellate Tribunal, Chennai has held that the suspended Board of Directors has no power under the Insolvency and Bankruptcy Code, 2016 to appoint a Resolution Professional. The power to do so has only been vested in the Committee of Creditors and then the Adjudicating Authority.

Tags : NATIONAL COMPANY LAW APPELLATE TRIBUNAL   POWERS TO APPOINT RESOLUTION PROFESSIONAL  

Share :        

Disclaimer | Copyright 2025 - All Rights Reserved