NCLAT explains provisions of Section 97 of IBC, 2016

Kanchan Nanubhai Desai Personal Guarantor Vs Finquest Financial Solutions Pvt. Ltd. & Anr. (NCLAT, Delhi) There cannot be any dispute with the statutory scheme as contained in Section 97 that when Application is filed by the Resolution Professional under Section 95, the Adjudicating Authority shall direct the Board within seven days of the date of the Application to confirm that disciplinary proceedings pending against the Resolution Professional or not and the Board was required within seven days to communicate in writing either confirming the appointment of the Resolution Professional or...