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Which state-owned coal mining major appointed PM Prasad as its Chairman and Managing Director (CMD)?
  • a)
    Coal India
  • b)
    NTPC Limited
  • c)
    Oil and Natural Gas Corporation (ONGC)
  • d)
    Bharat Heavy Electricals Limited (BHEL)
Correct answer is option 'A'. Can you explain this answer?
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Which state-owned coal mining major appointed PM Prasad as its Chairma...
PM Prasad has been appointed as the Chairman and Managing Director (CMD) of Coal India, the state-owned coal mining major. Prasad, who previously led Central Coalfields Ltd, a subsidiary of Coal India, has extensive experience in the coal mining sector. His appointment underscores the company's commitment to ensuring uninterrupted coal supply to the power sector.
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The Insolvency Code vests the management of the affairs of a corporate debtor in the interim resolution professional(IRP) on the insolvency commencement date. This implies the imposition of corresponding duties on the IRP. The Insolvency and Bankruptcy Board of India directed that, while acting as an IRP for a corporate person under the Code, reasonable care and diligence shall be exercised to ensure corporate debtor’s compliance with the applicable laws, failing which liability would be imposed on the IRP. This is unlike what would have been the case under the Companies Act where consequences would be borne by the directors. Additionally, the Code suspends the powers of the board of directors. Their functions are limited to providing assistance to IRP.A significant verdict of the Court held that the general duties of directors continue independent of, and run parallel to, the duties owed by an IRP. It was noted that the law expects, in an insolvency situation, for more than one actor to play their part, and that the fiduciary duties of the directors are an important part of the protection afforded to the company and its creditors.In other judgment the Court observed that various duties of IRP enumerated under the Code manifest that one individual cannot undertake all. In light of the Code, which mandates personnel of the debtor to extend all assistance to the IRP, the argument that the IRP cannot delegate some of his duties and functions to such personnel has to be rejected. The landmark judgment of the Supreme Court laid down that the resolution professional is really a facilitator of the resolution process, whose administrative functions are overseen by the committee of creditors and the adjudicating authority. In another judgment, the Court held that it is the directors of the company who are directly affected by any declaration regarding the insolvency and thus, even though the Code suspends the board of directors, yet the authorization by the same to the managing director to represent the company is valid. There is a lot more to the functions of the directors during insolvency proceedings than providing cooperation to the IRP. One of the foremost duty of a director is to cater to the interest of the creditor during the insolvency phase. With the survival of directors following insolvency, it also becomes necessary to note that there is an active survival of their functions and duties as well, rather than merely carrying out a supporting role. To achieve this, recognition of general duties of the directors under the Companies Act is certainly a minimum requirement, independent of the Code.Q. Before the initiation of insolvency proceedings, the company X had been declared as a shell company by the Securities and Exchange Board of India. The managing director, acting in accordance with a resolution passed by the board of directors authorizing him to file a petition on behalf of the company, approached the High Court against the declaration. But, this was done only after the company had become the subject of insolvency proceedings. Determine whether the Managing Director has a locus standi to represent the company?

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Which state-owned coal mining major appointed PM Prasad as its Chairman and Managing Director (CMD)?a)Coal Indiab)NTPC Limitedc)Oil and Natural Gas Corporation (ONGC)d)Bharat Heavy Electricals Limited (BHEL)Correct answer is option 'A'. Can you explain this answer?
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