High Court Upholds Removal of Liquidator for Lack of Authorization; Petition to Overturn Dismissed.

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....The High Court dismissed the petition filed by the petitioner seeking removal of his removal as Liquidator due to incomplete qualifications. The petitioner's application for authorization assignment was rejected by the Insolvency Bankruptcy Board of India (IBBI) as per Regulation 12A of IBBI Regulations. The Tribunal removed the petitioner as Liquidator u/s 16 of the General Clauses Act, 1897 and Section 276 of the Companies Act, 2013. The Appellate Tribunal also dismissed the petitioner's appeal, confirming his removal as Liquidator for not having valid authorization. Sections 199 to 205 of the Insolvency and Bankruptcy Code, 2016 provide for insolvency professional agencies, and Section 206 mandates enrollment as a member of an insolvency.........