The case involved seeking ex-post facto approval for Section 7 ...

Approval u/s 35(5) for Liquidator is mandatory. Post facto approval makes proceedings competent. No need to notify party before approval.

Case Laws Insolvency and Bankruptcy

June 4, 2024

The case involved seeking ex-post facto approval for Section 7 applications u/s 35(5) proviso. The issue was whether prior approval by the Adjudicating Authority for the Liquidator to institute proceedings on behalf of the Corporate Debtor is mandatory. Held, it is mandatory. Proceedings without prior approval are unauthorized. Post facto approval makes them competent. No notice to the opposing party is required before approval u/s 33(5). The impugned order granting ex-post facto approval was upheld as adequate reasons were given. The appeal was dismissed, finding no grounds to interfere.

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The case involved seeking ex-post facto approval for Section 7 ...

Approval u/s 35(5) for Liquidator is mandatory. Post facto approval makes proceedings competent. No need to notify party before approval.

Case Laws Insolvency and Bankruptcy

June 4, 2024

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