https://www.taxtmi.com/caselaws?id=447693 The HC dismissed a Letters Patent Appeal filed by a former director seeking RBI action against HSBC Bank during CIRP proceedings. Following NCLT approval of the resolution plan, the appellant ceased to be a shareholder and board member due to the Clean Slate Principle under IBC. The court held the appellant lacked locus standi to continue the appeal as he was no longer a director, had not obtained NCLT leave to pursue the appeal, and the company's new management should address such grievances. The appeal was dismissed for lack of merit. en-us Fri, 01 Dec 2023 00:00:00 +0530 Tue, 02 Jan 2024 17:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447693 The HC dismissed a Letters Patent Appeal filed by a former director seeking RBI action against HSBC Bank during CIRP proceedings. Following NCLT approval of the resolution plan, the appellant ceased to be a shareholder and board member due to the Clean Slate Principle under IBC. The court held the appellant lacked locus standi to continue the appeal as he was no longer a director, had not obtained NCLT leave to pursue the appeal, and the company's new management should address such grievances. The appeal was dismissed for lack of merit. Case-Laws Insolvency and Bankruptcy Fri, 01 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447693