Entitlement to file an appeal as an Independent Director in the ...

Insolvency and Bankruptcy

May 15, 2024

Entitlement to file an appeal as an Independent Director in the Corporate Debtor - The appellant, an erstwhile director of the corporate debtor, challenged the admission of the claim, citing a One Time Settlement (OTS) agreement from 2008. However, the Appellate Tribunal found that the appellant lacked the legal standing to challenge the claim admission. It affirmed the Resolution Professional's decision, which was based on the terms of the OTS and subsequent revocation by the financial creditor. The Tribunal dismissed the appeal, imposing a cost on the appellant for what it deemed as an attempt to delay the resolution process.

View Source

← Previous Next →

Entitlement to file an appeal as an Independent Director in the ...

Insolvency and Bankruptcy

May 15, 2024

You may also like:

Ex-parte order - Principles of Natural Justice - When Corporate Debtor is a Company where there are more Directors rather than only one as can be seen from the Balance...

Dishonour of Cheque - Continuation of proceedings during moratorium period - vicarious liability of director - proceedings under Section 138 or 141 of the NI Act -...

Dishonor of Cheque - suspended director - Since the petitioner is not a juristic person, but is a natural person, and, though he is a suspended director, yet when he is...

CIRP proceedings - piercing of Corporate Veil - seeking invoking the Bank Guarantee furnished by the parent company - the instant application is a fit case for piercing...

Dishonour of Cheque - Vicarious liability - petitioner is an Independent Non-Executive Director - - the petitioner was appointed as Additional Director and resigned as...

CIRP - bonafide nature of the transactions or not - recovery from the ex-directors of the corporate debtor - forensic and transaction audit of the corporate debtor was...

Doctrine of piercing the corporate veil - In proceedings for declaration of Wilful Defaulter, the corporate veil has to be lifted in order to examine the role of the...

Liquidation of Corporate Debtor - no resolution plan was received during the CIRP proceedings - The Adjudicating Authority has rightly observed that even after pushing...

Dishonor of Cheque - ongoing moratorium period as contemplated u/s 14 of the IBC - The moratorium provision not extending to persons other than the corporate debtor. In...

Corporate Social Responsibility - where a company is not required to appoint an independent director under sub-section (4) of section 149, it shall have in its Corporate...

Dishonour of cheque - vicarious liability - liability of group companies - liability common Directors of the group, namely, Right Choice Group of Companies - Lifting of...

Liquidation of the Corporate Debtor / Company - Aggrieved Person - Members of the suspended Board of Directors - Considering the fact that the Appellant / Petitioner who...

Seeking release of attached property and to restore possession - property of Corporate Debtor who is not a financial establishment as defined under Section 2(e) WBPIDFE...

Initiation of CIRP - The Credit facilities had admittedly been revised and sanctioned from time to time and finally on 15th February, 2018 when various documents had...

Aggrieved Persons - removal of nominee director of the Corporate Debtor - powers of Directors in a ‘Compulsory Liquidation’ - There is no simmering doubt that the...

Quick Updates: