The case is an appeal related to insolvency proceedings. During the pendency of the appeal, the Resolution Professional is responsible for ensuring the company's continued operation and can seek assistance from the suspended Board of Directors if needed. Individuals authorized to sign bank cheques can continue to do so, but only with the authorization of the Resolution Professional. The bank accounts of the Corporate Debtor are permitted to be used for day-to-day operations, including payments for suppliers, salaries, wages, and electricity bills.
V.R. Hemantraj filed a Company Appeal (AT) (Insolvency) No. 213 of 2018 against Stanbic Bank Ghana Ltd. & Anr. The appeal was filed before the National Company Law Appellate Tribunal (NCLAT), New Delhi. The court issued a notice to the respondents, which was accepted by their advocates. The respondents were directed to file their reply affidavits within two weeks, and the appellant was given one week to file a rejoinder, if any. The court also directed that during the pendency of the appeal, the Resolution Professional will ensure that the company remains on-going and if so necessary may take assistance of the (suspended) Board of Directors. The persons who are authorised to sign the bank cheques may issue cheques but only after authorization of the ‘Resolution
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Notice was issued to the respondents, and…
The matter was…
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The case is an appeal related to insolvency proceedings. During the pendency of the appeal, the Resolution Professional is responsible for ensuring the company's continued operation and can seek assistance from the suspended Board of Directors if needed. Individuals authorized to sign bank cheques can continue to do so, but only with the authorization of the Resolution Professional. The bank accounts of the Corporate Debtor are permitted to be used for day-to-day operations, including payments for suppliers, salaries, wages, and electricity bills.
V.R. Hemantraj filed a Company Appeal (AT) (Insolvency) No. 213 of 2018 against Stanbic Bank Ghana Ltd. & Anr. The appeal was filed before the National Company Law Appellate Tribunal (NCLAT), New Delhi. The court issued a notice to the respondents, which was accepted by their advocates. The respondents were directed to file their reply affidavits within two weeks, and the appellant was given one week to file a rejoinder, if any. The court also directed that during the pendency of the appeal, the Resolution Professional will ensure that the company remains on-going and if so necessary may take assistance of the (suspended) Board of Directors. The persons who are authorised to sign the bank cheques may issue cheques but only after authorization of the ‘Resolution
…Notice was issued to the respondents, and…
The matter was…
Sign in to view related legal provisions.