CIRP begins despite non-compliance with Sections 56 and 57 of Companies Act; Adjudicating Authority prioritizes Resolution Plan implementation. https://www.taxtmi.com/highlights?id=47121 Initiation of CIRP - non-compliance of the provisions of Sections 56 & 57 of the Companies Act, 2013 - In view of proposal of taking over the shares of the Promoters as approved by the Adjudicating Authority, it is not required to comply with the provisions of Sections 56 & 57 being a formality which can be completed even after the approval of the ‘Resolution Plan’, at the stage of implementation of the plan en-us Wed, 12 Jun 2019 06:48:24 +0530 Wed, 12 Jun 2019 06:48:24 +0530 TaxTMI RSS Generator CIRP begins despite non-compliance with Sections 56 and 57 of Companies Act; Adjudicating Authority prioritizes Resolution Plan implementation. https://www.taxtmi.com/highlights?id=47121 Initiation of CIRP - non-compliance of the provisions of Sections 56 & 57 of the Companies Act, 2013 - In view of proposal of taking over the shares of the Promoters as approved by the Adjudicating Authority, it is not required to comply with the provisions of Sections 56 & 57 being a formality which can be completed even after the approval of the ‘Resolution Plan’, at the stage of implementation of the plan Highlights Insolvency and Bankruptcy Wed, 12 Jun 2019 06:48:24 +0530 https://www.taxtmi.com/highlights?id=47121