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Initiation of CIRP - non-compliance of the provisions of Sections 56 & 57 of the Companies Act, 2013 - In view of proposal of taking over the shares of the Promoters as approved by the Adjudicating Authority, it is not required to comply with the provisions of Sections 56 & 57 being a formality which can be completed even after the approval of the ‘Resolution Plan’, at the stage of implementation of the plan

Insolvency and Bankruptcy
12-6-2019

Initiation of CIRP - non-compliance of the provisions of Sections 56 & 57 of the Companies Act, 2013 - In view of proposal of taking over the shares of the Promoters as approved by the Adjudicating Authority, it is not required to comply with the provisions of Sections 56 & 57 being a formality which can be completed even after the approval of the ‘Resolution Plan’, at the stage of implementation of the plan

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