Status quo order restoring liquidator under voluntary liquidation process not justified

Vinod Singh Vs Chandra Prakash Jain (NCLAT Delhi)

NCLAT Delhi held that status quo order by forcing corporate debtor to restore liquidator amounts to stalling the voluntary liquidation process. Thus, adjudicating authority cannot restore status quo under voluntary liquidation process.

Facts- The Corporate Debtor-TIIPL was undergoing voluntary liquidation process in accordance with Section 59 of the IBC which is a self-contained statutory provision for purposes of voluntary liquidation.

It is alleged that in the present case, when the Corporate Debtor

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