Suspended Board Can’t Appoint Resolution Pro: NCLAT

Suspended Board Can’t Appoint Resolution Pro: NCLAT

A suspended board of directors has no power under the Insolvency and Bankruptcy Code to appoint a resolution professional or to replace an existing resolution professional, the National Company Law Appellate Tribunal (NCLAT) has held. In a case involving SLO Industrial Ltd, the Chennai bench of the NCLAT consisting of M Venugopal and Kanthi Narahari … Read more

NCLAT suspends Delhi Gymkhana board, permits takeover by government-appointed administrator

photo

An appellate tribunal has handed over the management of the Delhi Gymkhana Club to a government-nominated administrator by suspending the 107-year old club’s general committee (GC) over findings of mismanagement by the ministry of corporate affairs (MCA), on Monday. Granting interim relief to the MCA, the National Company Law Appellate Tribunal (NCLAT) also directed that … Read more

Luckily for Airtel & Jio, NCLAT will now decide on spectrum as bank security: Kapil Sibal

photo

If the economy is on a decline and the cost of capital is very high and the returns are low, naturally the telecom sector or any other sector would go under, says the counsel of Bharti Airtel. When it comes to Bharti Airtel and your client, the markets are giving a massive thumbs up. What … Read more