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The Adjudicating Authority (AA), the National Company Law Appellate Tribunal (NCLAT), and High Courts, through their orders and judgements, have guided liquidators in the conduct of liquidation process. This communication presents a few significant directions and observations from these orders and judgements, which an IP may find useful. These are presented under the following six broad categories: A. Taking Charge as Liquidator, etc. B.Scope of Liquidation Estate, etc. C. Sale of Assets, etc. D. Attachments, etc. E.Managing the Affairs, etc., and F. Powers and Duties, etc.
The Hon’ble Delhi High Court on 21st July 2020, clarified the position of application of section 29A(1) of the Indian Arbitration and Conciliation Act, 1996. The court while deciding the issue of application of section 29A(1) in the matter of ONGC Petro Additions Ltd. v. Ferns Construction Co. Inc.  ibclaw.in 24 HC held that section 29A(1) of the Arbitration and Conciliation Act, as amended in 2019 shall have the retrospective application.
The Insolvency and Bankruptcy Code, 2016 (Code) envisages appointment of an authorised representative (AR) by the Adjudicating Authority to represent financial creditors in a class, like allottees under a real estate project, in the committee of creditors. For this purpose, the Regulations require the interim resolution professional to offer a choice of three Insolvency Professionals (IP) in the public announcement, and the creditors in a class to choose one of them to act as their authorised representative. The amendment made to the Regulations today provides that the three IPs offered by the interim resolution professional must be from the State or Union Territory, which has the highest number of creditors in the class as per records of the corporate debtor. This will facilitate ease of coordination and communication between the AR and the creditors in the class he represents.