Removal and replacement of company liquidators: provision omitted by insolvency reform, previously set notice, reply and three fourths vote rules. Section 311, concerning the power to remove and fill vacancy of a Company Liquidator, was omitted by the Insolvency and Bankruptcy Code, 2016 w.e.f. ... Summary
Removal and replacement of company liquidators: provision omitted by insolvency reform, previously set notice, reply and three fourths vote rules.
Section 311, concerning the power to remove and fill vacancy of a Company Liquidator, was omitted by the Insolvency and Bankruptcy Code, 2016 w.e.f. 15-11-2016. Previously it allowed removal by the appointing body (company or creditors), required written notice of grounds and an opportunity to reply, mandated a three fourths members' or creditors' vote to remove, and provided that vacancies by death, resignation, removal or otherwise be filled as specified in section 310.
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