https://www.taxtmi.com/caselaws?id=753484 Under liquidation, the proviso to section 33(5) of the Insolvency and Bankruptcy Code requires prior approval before a liquidator institutes proceedings on behalf of the corporate debtor. Proceedings begun without that approval are initially unauthorized, but later approval can validate them prospectively from the date it is granted. The statutory scheme does not itself require notice or a hearing to the opposite party at the approval stage. On the facts noted, the order granting ex post facto approval and permission to continue the proceedings was supported by reasons and was not liable to be interfered with. en-us Fri, 31 May 2024 00:00:00 +0530 Tue, 04 Jun 2024 08:03:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753484 Under liquidation, the proviso to section 33(5) of the Insolvency and Bankruptcy Code requires prior approval before a liquidator institutes proceedings on behalf of the corporate debtor. Proceedings begun without that approval are initially unauthorized, but later approval can validate them prospectively from the date it is granted. The statutory scheme does not itself require notice or a hearing to the opposite party at the approval stage. On the facts noted, the order granting ex post facto approval and permission to continue the proceedings was supported by reasons and was not liable to be interfered with. Case-Laws Insolvency and Bankruptcy Fri, 31 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753484