Appointment of the Appellant as the liquidator - The Tribunal ...

Tribunal Affirms Liquidator Appointment; Appellant Lacked Standing Due to Non-Compliance with Regulation 31A(11.

May 1, 2024

Case Laws Insolvency and Bankruptcy AT

Appointment of the Appellant as the liquidator - The Tribunal found that the Appellant failed to comply with Regulation 31A(11) by not submitting the mandatory written consent on Form AA of Schedule II before the Adjudicating Authority or the SCC. Despite the alleged consent dated 29.08.2023, there was no evidence of its submission to the relevant authorities. - The Tribunal upheld the Adjudicating Authority's decision to appoint Respondent No. 2 as the liquidator, citing the authority's power to replace the liquidator for justifiable reasons. - Agreeing with the Respondent, the Tribunal concluded that the Appellant lacked locus standi to file the appeal as they were merely a proposed/prospective liquidator without inherent rights to the appointment.

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Appointment of the Appellant as the liquidator - The Tribunal ...

Tribunal Affirms Liquidator Appointment; Appellant Lacked Standing Due to Non-Compliance with Regulation 31A(11.

May 1, 2024

Case Laws Insolvency and Bankruptcy AT

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