Adjudicating Authority have inherent power to replace Liquidator in case of criminal prosecution is going on against the Liquidator – Subrata Maity Vs. Mr. Amit C. Poddar & Ors. – NCLAT New Delhi
In this case, Adjudicating Authority has replaced a new Liquidator of the Corporate Debtor in place of the Appellant who was erstwhile Liquidator. The Adjudicating Authority has noted in the order that the Appellant was arrested by the CBI and due to which 116 days was lost due to incapability of the Appellant to act as a Liquidator. Learned Counsel for the Appellant contends that the Appellant was granted bail immediately.
