Liquidator can be replaced on ground of failure to exercise due diligence: NCLT Chennai

The Bench found the liquidator guilty of sharing the valuation report of the corporate debtor with prospective scheme proponents.
NCLT Chennai
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The National Company Law Tribunal (NCLT) Chennai recently held that failure to exercise due care and diligence was a ground to replace a liquidator (IDBI Bank Limited v. V Venkata Sivakumar).

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