The writ petition was filed by Amit Sureshmal Lodha seeking directions to the Insolvency and Bankruptcy Board of India (IBBI) to formulate guidelines clarifying the rights, duties, responsibilities, and liabilities of a suspended director during the period prior to the Resolution Professional (RP) assuming control of a company admitted into the Corporate Insolvency Resolution Process (CIRP). The petitioner also sought directions to establish protocols ensuring timely communication and publication of CIRP admission orders and details of appointed Interim Resolution Professionals (IRP)/RPs. Additionally, the petitioner requested legal protections for suspended directors acting in good faith during the 'moonlight period' to keep the corporate debtor as a going concern,
…Amit Sureshmal Lodha filed a writ petition before the Delhi High Court seeking several reliefs related to the rights and responsibilities of suspended directors during the CIRP. The petitioner requested the court to direct the IBBI to formulate guidelines clarifying the rights, duties, responsibilities, and liabilities of suspended directors during the period before the RP assumes control. The petitioner also sought the establishment of protocols for timely communication and publication of CIRP admission orders and details of appointed IRPs/RPs. Furthermore, the petitioner requested legal protections for suspended directors acting in good faith during the 'moonlight period' to keep the corporate debtor as a going concern, similar to protections under Section 233 of the
…Sign in to view the parties.
The Petitioner made a representation to…
The Delhi High Court disposed of the writ…
The writ petition was filed by Amit Sureshmal Lodha seeking directions to the Insolvency and Bankruptcy Board of India (IBBI) to formulate guidelines clarifying the rights, duties, responsibilities, and liabilities of a suspended director during the period prior to the Resolution Professional (RP) assuming control of a company admitted into the Corporate Insolvency Resolution Process (CIRP). The petitioner also sought directions to establish protocols ensuring timely communication and publication of CIRP admission orders and details of appointed Interim Resolution Professionals (IRP)/RPs. Additionally, the petitioner requested legal protections for suspended directors acting in good faith during the 'moonlight period' to keep the corporate debtor as a going concern,
…Amit Sureshmal Lodha filed a writ petition before the Delhi High Court seeking several reliefs related to the rights and responsibilities of suspended directors during the CIRP. The petitioner requested the court to direct the IBBI to formulate guidelines clarifying the rights, duties, responsibilities, and liabilities of suspended directors during the period before the RP assumes control. The petitioner also sought the establishment of protocols for timely communication and publication of CIRP admission orders and details of appointed IRPs/RPs. Furthermore, the petitioner requested legal protections for suspended directors acting in good faith during the 'moonlight period' to keep the corporate debtor as a going concern, similar to protections under Section 233 of the
…The Petitioner made a representation to…
The Delhi High Court disposed of the writ…