Deeming of liquidator default as insolvency code contravention enables insolvency proceedings for noncompliance by an insolvency professional. Amendment substitutes the existing sub section to provide that where a company liquidator who is an insolvency professional defaults in complying with ... Summary
Deeming of liquidator default as insolvency code contravention enables insolvency proceedings for noncompliance by an insolvency professional.
Amendment substitutes the existing sub section to provide that where a company liquidator who is an insolvency professional defaults in complying with this section, such default shall be deemed a contravention of the Insolvency and Bankruptcy Code and its rules and regulations for purposes of initiating proceedings under the relevant chapter of that Code, and omits the next sub section.
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