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IBC - Highlights / Catch Notes

Home Highlights December 2020 Year 2020 This

Liquidation of Corporate Debtor - once CIRP is initiated under ...

Insolvency and Bankruptcy

December 12, 2020

Liquidation of Corporate Debtor - once CIRP is initiated under IBC, the management vests in IRP/RP and if Liquidation Order gets passed the Powers and Duties of the Liquidator as in Section 35 of IBC vest with Liquidator. Without liquidator taking steps no such application to obtain Certificate of MSME could have been filed by the Appellant. - Applicant/Appellant could not have moved the Authorities for Certificate under MSME by-passing the Liquidator and such action must be held as illegal. - AT

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