S. 59 of IBC and Voluntary Liquidation under Companies Act
The Hon’ble NCLAT has held that the jurisdiction exercised by the Adjudicating Authority is vested in it and cannot be termed improper. Despite being of the view that the claim initially left out by the Respondent No.1 was payable, the Liquidator proceeded to reject the same without any justifiable reason which cannot be supported.
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During twilight zone, it is highly likely that the directors or the senior management might enter into vulnerable transactions which can be prejudicial to the interests of stakeholders. The Author made an attempt to highlight the do’s and dont’s of a director during twilight zone.
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SIGNIFICANT BENEFICIAL OWNERSHIP – NEW WEAPON INTRODUCED BY THE MCA [sg_popup id=”347″ event=”hover”][/sg_popup] The Ministry of Corporate Affairs (MCA) notified rules for determining Significant Beneficial Ownership in a Company with an aim to tackle shell companies and eliminate the same. This is not an initiative from the MCA, but globally this was felt as
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