Post facto approval under Section 33(5) of IBC against Section 7 CIRP proceedings initiated by Liquidator without prior approval of NCLT – Mr. Jigar Bhatt, Liquidator RMOL Engineering and Offshore Ltd. – NCLT Ahmedabad Bench
In terms of Section 33(5) of the IBC, 2016, no prior permission was taken from this Tribunal before initiation of Section 7 proceedings against the 5 entities (bond issuer).
In this IA, the liquidator seeks post facto approval for the institution and continuation of legal proceedings under Section 7 of IBC, 2016 against 5 bond issuer companies i.e. the liquidator seeks post facto approval of the action already initiated by the liquidator.