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NCLAT allowed the appeal, vacating the status quo order regarding the liquidator's removal. The Tribunal held that under IBC and VL Regulations, the Corporate Debtor has statutory authority to replace the liquidator without requiring Adjudicating Authority's approval. The tribunal found the original order interfered improperly with the corporate debtor's rights, determined the appeal was timely filed within limitation period, and emphasized the liquidator's replacement followed prescribed regulatory procedures. The outgoing liquidator must cooperate in document handover to the new liquidator, affirming the corporate debtor's discretionary power in liquidator selection.
NCLAT allowed the appeal, vacating the status quo order regarding the liquidator's removal. The Tribunal held that under IBC and VL Regulations, the Corporate Debtor has statutory authority to replace the liquidator without requiring Adjudicating Authority's approval. The tribunal found the original order interfered improperly with the corporate debtor's rights, determined the appeal was timely filed within limitation period, and emphasized the liquidator's replacement followed prescribed regulatory procedures. The outgoing liquidator must cooperate in document handover to the new liquidator, affirming the corporate debtor's discretionary power in liquidator selection.
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