Mr Loot President of NCLT has been adjudged insolvent Can the Central government after consultation ...........

Companies Act-Phase (I & II) NCLT & NCLAT

Mr. Loot, President of NCLT has been adjudged insolvent. Can the Central government after consultation with the Chief Justice of India remove him from office of the President?

Yes

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Not Applicable

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Explanation:

As per the proviso to Sec 417,

The Central Government may, after consultation with the Chief Justice of India, remove from office the President, Chairperson or any Member, who—

(a) has been adjudged an insolvent; or
(b) has been convicted of an offence which, in the opinion of the central government, involves moral turpitude; or
(c) has become physically or mentally incapable of acting as such President, the Chairperson, or Member; or
(d) has acquired such financial or other interest as is likely to affect prejudicially his functions as such President, the Chairperson or Member; or
(e) has so abused his position as to render his continuance in office prejudicial to the public interest:

Provided that the President, the Chairperson or the Member shall not be removed on any of the grounds specified in clauses (b) to (e) without giving him a reasonable opportunity of being heard.