Adjudicating Authority can Replace Liquidator who was arrested by CBI

Subrata Maity Vs Amit C. Poddar (NCLAT Delhi) 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. Be that as it may, the fact that the criminal prosecution is going on against the Appellant and he was arrested by the CBI, there is no error committed by the Adjudicating Authority in passing the impugned order by replacing the Appellant with another Liquidator. The Liqui...