The National Company Law Tribunal (NCLT), Chennai, has allowed a plea by IDBI Bank Ltd. to replace the liquidator of the Jeypore Sugar Company Ltd. The tribunal said it had powers to remove the liquidator.
The insolvency petition filed by the bank against the company was admitted in 2019 and in 2020 the tribunal had ordered liquidation and V. Venkata Sivakumar was appointed liquidator.
In its plea, IDBI Bank said liquidator did not possess a valid authorisation for assignment as required by regulation 7A of the Insolvency and Bankruptcy Board of India (Resolution Professionals) Regulations, 2016 and sought for his removal.
