https://www.taxtmi.com/caselaws?id=410628 The Tribunal found the inclusion of Respondent No. 2 in the Stakeholders' Consultation Committee (SCC) invalid. The Applicant, nominated by a majority of shareholders, was deemed the rightful representative. The Liquidator's reliance on Regulation 31A(4) was deemed unwarranted. The Tribunal directed the Liquidator to accept the Applicant's nomination and reconstitute the SCC accordingly. Additionally, the Insolvency and Bankruptcy Board of India (IBBI) was advised to issue clear guidelines on the nomination process under Regulation 31A(3) to prevent future uncertainties. en-us Tue, 20 Jul 2021 00:00:00 +0530 Fri, 06 Aug 2021 09:12:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410628 The Tribunal found the inclusion of Respondent No. 2 in the Stakeholders' Consultation Committee (SCC) invalid. The Applicant, nominated by a majority of shareholders, was deemed the rightful representative. The Liquidator's reliance on Regulation 31A(4) was deemed unwarranted. The Tribunal directed the Liquidator to accept the Applicant's nomination and reconstitute the SCC accordingly. Additionally, the Insolvency and Bankruptcy Board of India (IBBI) was advised to issue clear guidelines on the nomination process under Regulation 31A(3) to prevent future uncertainties. Case-Laws Insolvency and Bankruptcy Tue, 20 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410628