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