Directors of companies often tender their resignation during the Corporate Insolvency Resolution Process (CIRP). Therefore, a pertinent question arises as to whether such resignation requires acceptance/approval from the Interim Resolution Professional (IRP) or the Resolution Professional (RP) or the Committee of Creditors (CoC) of the corporate debtor
Furthermore, it is often contended that directors of a corporate debtor must continue in order to ensure smooth completion of the CIRP. Hence, in addition to checking whether RP/IRP/CoC approval is required for acceptance of resignation of a director during CIRP, this article also tends to examine whether directors are required to remain with a corporate debtor to ensure their assistan…
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