The National Company Law Appellate Tribunal (NCLAT) has set aside a status quo order issued by the Adjudicating Authority, allowing the shareholders and directors of Transmissions International India Private Limited (TIIPL) to proceed with the replacement of the erstwhile liquidator, Chandra Prakash Chandra Prakash Jain, with a new appointee, Arun Gupta.
The appeal was filed under Section 61 of the Insolvency and Bankruptcy Code, 2016, against the order passed by the National Company Law Tribunal, Ahmedabad.
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Coming to the facts of the present case, TIIPL decided to initiate voluntary liquidation under Section 59 of the…