The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member), Mr. Arun Baroka (Technical Member) and Mr. Barun Mitra (Technical Member) held that the National Company Law Tribunal can’t compel the corporate debtor to retain the same liquidator once a valid board resolution has been passed for their replacement under voluntary liquidation.
Background Facts:
In February 2024, Transmissions International India Private Limited, Corporate Debtor, initiated voluntary liquidation under Section 59 of the Insolvency & Bankruptcy Code. Initially, Mr. Umesh Ved was appointed as the liquidator in the extra ordinary general meeting.
Subsequently, Mr. Chandra Prakash Jain was…