Madras High Court Issues Interim Injunction on Disciplinary Actions, Does Not Address AFA Requirement Under Regulation 7A.

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Full Text of the Document

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....Valid Authorisations for Assignment (AFA) on the date of appointment as the Liquidator of the Corporate Debtor - The Interim injunction order passed by the Hon’ble Madras High Court confines only to the order with regard to action arising out of proceedings of the Disciplinary Committee and is silent on the issue of requirement of AFA by the Appellant, compulsory requirement of AFA as per Regulation 7A of IBBI (Insolvency Professional) Regulation 2016 and any stay on removed of the Appellant from Liquidator of the Corporate Debtor - this Appellate Tribunal do not find prima-facie any restrain on the Adjudicating Authority to adjudicate in this case and no conflict is found. - AT....