NCLAT: Liquidator's lack of valid AFA doesn't void liquidation order, but appointment reconsidered due to negligence.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....CIRP - Grounds on which the Liquidator can be changed - the non-holding of a valid AFA will not render the order of liquidation passed by the Adjudicating Authority illegal or invalid and moreover the Hon'ble NCLAT it has stated that if any irregularity is brought by the Appellant, then this Tribunal may have a re-look at the appointment of the Liquidator, in the present case. - The Liquidator has failed to exercise due care and diligence in performance of the powers and functions while discharging his functions as Liquidator - New liquidator appointed - Tri....