The case involves a dispute concerning the eviction of promoter directors from a corporate debtor that is undergoing a winding-up process. The Supreme Court had previously ordered that the promoter directors should not be evicted until it became necessary, and that they should cooperate with the Resolution Professional. However, it was brought to the court's attention that the promoter directors were abusing the privilege granted to them, particularly based on a reading of press releases dated 27th and 29th October 2018.
The Supreme Court addressed a matter concerning the winding up of a corporate debtor and the eviction of its promoter directors. The court had previously ordered that the directors not be evicted until necessary and that they cooperate with the Resolution Professional. However, information surfaced, particularly through press releases dated October 27th and 29th, 2018, indicating that the directors were abusing the privilege granted to them. The NCLT had already permitted Punjab National Bank to file a fresh eviction application once the asset sale publication commenced. The promoter directors, despite being served with the present Miscellaneous Application, chose not to appear before the court. The key fact is the abuse of privilege by the promoter directors, which
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The Court recorded that a logical culmination…
Press Release dated 27th October, 2018,…
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The case involves a dispute concerning the eviction of promoter directors from a corporate debtor that is undergoing a winding-up process. The Supreme Court had previously ordered that the promoter directors should not be evicted until it became necessary, and that they should cooperate with the Resolution Professional. However, it was brought to the court's attention that the promoter directors were abusing the privilege granted to them, particularly based on a reading of press releases dated 27th and 29th October 2018.
The Supreme Court addressed a matter concerning the winding up of a corporate debtor and the eviction of its promoter directors. The court had previously ordered that the directors not be evicted until necessary and that they cooperate with the Resolution Professional. However, information surfaced, particularly through press releases dated October 27th and 29th, 2018, indicating that the directors were abusing the privilege granted to them. The NCLT had already permitted Punjab National Bank to file a fresh eviction application once the asset sale publication commenced. The promoter directors, despite being served with the present Miscellaneous Application, chose not to appear before the court. The key fact is the abuse of privilege by the promoter directors, which
…The Court recorded that a logical culmination…
Press Release dated 27th October, 2018,…
Sign in to view related legal provisions.