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Liquidator have power to replace or remove the Nominee Directors of Corporate Debtor on the board of other Cos: NCLAT

May 20, 2020[2020] 116 taxmann.com 703 (NCL-AT)
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IBC: Corporate debtor company was shareholder of company NPRL - Articles of Association of NPRL provided right to corporate debtor to nominate/remove director in board of NPRL - Corporate debtor appointed appellants as nominee directors on Board of 'NPRL - Corporate debtor went into liquidation - Liquidator asked appellants to share certain information related to 'NPRL' with a view to effectively carry out liquidation process of corporate debtor - But appellants refused to cooperate and to provide information - Liquidator approached Adjudicating Authority seeking removal of appellants from Board of NPRL

• Held, after corporate debtor went into liquidation, liquidator stands in foot of corporate debtor and because of fact that appellants had acted against liquidator, impugned orders passed by Adjudicating Authority in discharging appellant's 'Nominee Directors' position was free from any legal flaws.

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