Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + AT Insolvency and Bankruptcy - 2019 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (6) TMI 771 - AT - Insolvency and BankruptcyValidity of application filed under Section 10 of the Insolvency and Bankruptcy Code, 2016 - it was alleged that application in Form 6 under Section 10 of the I&B Code was filed without the decision of the shareholders - HELD THAT:- In the present case under Article 127 (xii) the Board of Directors have been empowered to pass any order for winding up and/or presenting a petition for winding up of the Company. The prior approval of the shareholders in the AGM has been substituted by the amendment made on 6th June, 2018, which is not applicable in the present case as it was admitted earlier in May, 2018. This apart, we find that subsequently the matter was placed before the AGM in August, 2018 which also approved the decision for filing the application under Section 10 of the I&B Code. In absence of any merit, the appeal is dismissed.
|