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Issues: Whether the writ petition filed by the liquidator on behalf of the corporate debtor was covered by the prior approval already granted, and whether the later application for ratification or regularisation ought to have been allowed.
Analysis: Section 33(5) of the Insolvency and Bankruptcy Code, 2016 requires prior approval of the Adjudicating Authority for institution of legal proceedings by the liquidator on behalf of the corporate debtor. An earlier application had already been allowed permitting the liquidator to defend and prosecute proceedings for the corporate debtor. The writ petition was filed to protect the corporate debtor's interest, and the later application sought only clarification and regularisation in view of the objection that no specific approval had been taken for that proceeding. In that context, the earlier approval was sufficient to cover the writ petition, and the Adjudicating Authority ought to have clarified the position instead of rejecting the application.
Conclusion: The writ petition was held to be fully covered by the earlier approval, and the application for ratification or regularisation was allowed in favour of the appellant.
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