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Requirement u/s 10(3) for obtaining shareholders’ approval before filing application u/s 10 is retrospective : NCLT

August 23, 2019[2019] 109 353 (NCLT - Hyd.)

IBC: Requirement introduced in section 10(3) on 6-6-2018, which required corporate debtor to obtain prior approval of shareholder before filing section 10 application is retrospective in nature

IBC: Pendency of proceeding under any Act for recovery of amount in default from corporate debtor is no bar for initiation of CIRP

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