9911796707
TMI Blog2024 (8) TMI 102X X X X Extracts X X X X X X X X Extracts X X X X ..... The third respondent filed application before the Tribunal seeking removal of the petitioner as Liquidator on account of his incomplete qualifications. On hearing both sides, the petitioner was removed as Liquidator by an order dated 01.07.2022, as per Section 16 of the General Clauses Act, 1897 with aid from Section 276 of the Companies Act, 2013. Aggrieved by the order passed by the Tribunal, the petitioner also filed an appeal before the Appellate Tribunal and the same was also dismissed, thereby confirmed the removal of the petitioner as Liquidator on the ground of not having valid authorization. Section 199 to 205 of the Insolvency and Bankruptcy Code, 2016 provides for insolvency professional agencies. As per Section 206 of the Insolv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Insolvency Professional) Regulations, 2016 (hereinafter referred to as IBBI Regulations ) before the National Company Law Tribunal, Bench- II, Chennai, thus he was legally qualified to be an Liquidator. However, on the date of appointment, the petitioner did not possess valid Authorization for Assignment as per the Regulation 7A of the IBBI Regulations, which is a mandatory qualifications as per law, in order to act as a Liquidator of the corporate debtor. The petitioner had filed an application for the authorization for assignment on 31.12.2019 and the same was rejected by the Insolvency Bankruptcy Board of India (hereinafter referred to as IBBI ) on 14.01.2020, as per Regulation 12 A of the IBBI Regulations. 3. Therefore, the third respon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 76 of the Companies Act, 2013. Aggrieved by the order passed by the Tribunal, the petitioner also filed an appeal before the Appellate Tribunal in Company Appeal No.269 of 2022 and the same was also dismissed by an order dated 20.12.2022, thereby confirmed the removal of the petitioner as Liquidator on the ground of not having valid authorization. 6. Section 199 to 205 of the Insolvency and Bankruptcy Code, 2016 provides for insolvency professional agencies. As per Section 206 of the Insolvency and Bankruptcy Code, a person can render his service as an insolvency professional only after being enrolled as a member of an insolvency professional agencies and registered with the first respondent as an insolvency professional under Section 207 o ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
