CIRP begins despite non-compliance with Sections 56 and 57 of Companies Act; Adjudicating Authority prioritizes Resolution Plan implementation.

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Full Text of the Document

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....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....