2018 (2) TMI 2100

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..... alf of the Corporate Debtor - HELD THAT:- It is clarified that after appointment of the Resolution Professional and declaration of moratorium, the Board of Director stands suspended, but that does not amount to suspension of Managing Director or any of the Director or officer or employee of the Corporate Debtor. To ensure that the Corporate Debtor remains on going concern, all the Director/ emplo .....

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..... rperson And (Justice Bansi Lal Bhat) Member(Judicial) For the Appellant : Mr. Paul Kanagaraj, Senior Advocate with Ms. D. Revathi Karthick, Advocate. For the Respondents : Ms. Shenti Iyer, Advocate for Intervener. ORDER Learned counsel for the respondents submits that there is no chance of settlement in the matter. In such circumstance, the case is required to be heard on merit. .....

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..... to function and to assist the Resolution Professional who manages the affairs of the Corporate Debtor during the period of moratorium. If one or other officer or employee had the power to sign a cheque on behalf of the Corporate Debtor prior to the order of moratorium, such power does not stand suspended on suspension of the Board of Directors nor can be taken away by the Resolution Professional. .....

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