Application Under Insolvency Code Challenged for Lack of Shareholder Approval; Board Authority Upheld per Article 127(xii.

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....Validity of application filed u/s 10 of the I&B Code - petition filed without approval of shareholder - under Article 127(xii), the Board of Directors have been empowered to pass any order for winding up and/or presenting a petition for winding up of the Company - the matter was placed before the AGM in August, 2018 which approved the decision for filing the application - no merit in appeal....