The appeal challenges an order passed by the Adjudicating Authority (NCLT, Chennai) which allowed an application by Prudent ARC Limited to direct the Liquidator to convene a meeting to consider the replacement of the liquidator, and subsequently replaced the liquidator. The appellant, the erstwhile liquidator, initially challenged this order before the Madras High Court and then the Supreme Court, both of which dismissed his petitions, before filing the present appeal.
The appeal is directed against an order dated September 20, 2023, passed by the Adjudicating Authority (National Company Law Tribunal, Division Bench – 1, Chennai). This order allowed an application filed by Prudent ARC Limited under Regulation 31A(6) of the IBBI (Liquidation Process) Regulations, 2016, read with Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The application sought directions for the liquidator to convene a meeting of the stakeholders consultation committee to consider the replacement of the liquidator, and also for other suitable orders. The Adjudicating Authority, in its order, noted a lack of consensus among the Secured Financial Creditors and the liquidator's vacillation in appointing an Authorized Representative, which stalled the
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Adjudicating Authority (NCLT, Chennai) passed…
Appellant filed a writ petition (No. 28516…
The appeal challenges an order passed by the Adjudicating Authority (NCLT, Chennai) which allowed an application by Prudent ARC Limited to direct the Liquidator to convene a meeting to consider the replacement of the liquidator, and subsequently replaced the liquidator. The appellant, the erstwhile liquidator, initially challenged this order before the Madras High Court and then the Supreme Court, both of which dismissed his petitions, before filing the present appeal.
The appeal is directed against an order dated September 20, 2023, passed by the Adjudicating Authority (National Company Law Tribunal, Division Bench – 1, Chennai). This order allowed an application filed by Prudent ARC Limited under Regulation 31A(6) of the IBBI (Liquidation Process) Regulations, 2016, read with Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The application sought directions for the liquidator to convene a meeting of the stakeholders consultation committee to consider the replacement of the liquidator, and also for other suitable orders. The Adjudicating Authority, in its order, noted a lack of consensus among the Secured Financial Creditors and the liquidator's vacillation in appointing an Authorized Representative, which stalled the
…Adjudicating Authority (NCLT, Chennai) passed…
Appellant filed a writ petition (No. 28516…