The National Company Law Appellate Tribunal (NCLAT) in the matter of Punjab National Bank v. Kiran Shah, Liquidator of ORG Informatics Ltd. observed that an application for removal of Liquidator cannot be moved in the absence of any provision under the law. In this case, the Committee of Creditors (CoC) instructed the resolution professional to move an application under Sections 33 & 34 of the Insolvency and Bankruptcy Code, 2016 (IBC). The application was accepted by the Adjudicating Authority (AA) on 20.11.2019. The Lead Financial Creditor (FC) appealed to NCLAT against the appointment of the Liquidator. NCLAT decided not to interfere with the order of AA on two grounds: (1) CoC has no role to play and are simply claimants whose matters are determined by the Liquidator, and (2) Such a creditor cannot move an application for removal of the Liquidator in the absence of any provision under the law.

With the introduction of the notification (‘Notification’) on classification of Micro, Small, And Medium Enterprises (‘MSMEs’), new conditions have been laid down for the classification, recognition, and registration of an entity as an MSME. By virtue of this Notification, entities that were not previously MSMEs are now classified as MSMEs if they meet the criteria laid down by the Notification. This paper addresses the following questions of law regarding Insolvency resolution of entities that have now turned into MSMEs while undergoing insolvency resolution

With the introduction of the notification (‘Notification’) on classification of Micro, Small, And Medium Enterprises (‘MSMEs’), new conditions have been laid down for the classification, recognition, and registration of an entity as an MSME. By virtue of this Notification, entities that were not previously MSMEs are now classified as MSMEs if they meet the criteria laid down by the Notification. This paper addresses the following questions of law regarding Insolvency resolution of entities that have now turned into MSMEs while undergoing insolvency resolution

With the introduction of the notification (‘Notification’) on classification of Micro, Small, And Medium Enterprises (‘MSMEs’), new conditions have been laid down for the classification, recognition, and registration of an entity as an MSME. By virtue of this Notification, entities that were not previously MSMEs are now classified as MSMEs if they meet the criteria laid down by the Notification. This paper addresses the following questions of law regarding Insolvency resolution of entities that have now turned into MSMEs while undergoing insolvency resolution