Vesting management with resolution professional enables transfer of corporate debtor control upon established fraud or gross mismanagement. Vesting management with the resolution professional is initiated when the committee of creditors approves vesting and the resolution professional files the prescribed application; the Adjudicating Authority may vest management where affairs show fraud or gross mismanagement. From the vesting order until the pre-pack process ends, specified insolvency provisions apply mutatis mutandis. Regulations require approval of the resolution professional's appointment in the prescribed form and mandate that terms include fees and expenses payable where management is vested, and rule making power covers the form and manner of such applications.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Vesting management with resolution professional enables transfer of corporate debtor control upon established fraud or gross mismanagement.
Vesting management with the resolution professional is initiated when the committee of creditors approves vesting and the resolution professional files the prescribed application; the Adjudicating Authority may vest management where affairs show fraud or gross mismanagement. From the vesting order until the pre-pack process ends, specified insolvency provisions apply mutatis mutandis. Regulations require approval of the resolution professional's appointment in the prescribed form and mandate that terms include fees and expenses payable where management is vested, and rule making power covers the form and manner of such applications.
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