The case involves a dispute regarding the eviction of promoter directors from a corporate debtor's property during its winding-up process. The Supreme Court had previously ordered that the promoter directors should not be evicted until 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 by the court, particularly based on a reading of press releases dated October 27th and 29th, 2018.
The Supreme Court addressed a situation where promoter directors of a corporate debtor were allegedly abusing the privilege granted to them by the court during the winding-up process. The court had previously ordered that the directors should not be evicted until necessary and should cooperate with the Resolution Professional. However, information, including press releases dated October 27th and 29th, 2018, indicated that the directors were acting contrary to the court's order. The NCLT had also permitted Punjab National Bank to file a fresh application for eviction once the publication for the sale of assets began. The promoter directors, despite being served with the present M.A., chose not to appear before the court. This led the Supreme Court to direct their
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The Court recorded that a logical culmination…
Press Release…
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The case involves a dispute regarding the eviction of promoter directors from a corporate debtor's property during its winding-up process. The Supreme Court had previously ordered that the promoter directors should not be evicted until 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 by the court, particularly based on a reading of press releases dated October 27th and 29th, 2018.
The Supreme Court addressed a situation where promoter directors of a corporate debtor were allegedly abusing the privilege granted to them by the court during the winding-up process. The court had previously ordered that the directors should not be evicted until necessary and should cooperate with the Resolution Professional. However, information, including press releases dated October 27th and 29th, 2018, indicated that the directors were acting contrary to the court's order. The NCLT had also permitted Punjab National Bank to file a fresh application for eviction once the publication for the sale of assets began. The promoter directors, despite being served with the present M.A., chose not to appear before the court. This led the Supreme Court to direct their
…The Court recorded that a logical culmination…
Press Release…
Sign in to view related legal provisions.