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Insolvency and BankruptcyFebruary 23, 2024Case LawsAT
Challenge to direction that entire cost be paid by the Applicant/Appellant - Admission of CIRP set aside - Corporate Debtor was NBFC - NCLAT observed that, in a situation where CIRP has been admitted and there is interim order passed by the Appellate Authority to the effect that in the CIRP no final decision shall be taken with regard to resolution plan since the order was challenged on the ground that CIRP cannot proceed against a NBFC, the CoC and the Resolution professional should have been more cautious in proceeding and incurring costs in the CIRP of the Corporate Debtor. - Resolution Professional allowed to appraoch to the Adjudicating Authority to determine the payment of the remaining costs and whether they should be borne by the Appellant or shared among the CoC members and/or Resolution Professional.
Challenge to direction that entire cost be paid by the Applicant/Appellant - Admission of CIRP set aside - Corporate Debtor was NBFC - NCLAT observed that, in a situation where CIRP has been admitted and there is interim order passed by the Appellate Authority to the effect that in the CIRP no final decision shall be taken with regard to resolution plan since the order was challenged on the ground that CIRP cannot proceed against a NBFC, the CoC and the Resolution professional should have been more cautious in proceeding and incurring costs in the CIRP of the Corporate Debtor. - Resolution Professional allowed to appraoch to the Adjudicating Authority to determine the payment of the remaining costs and whether they should be borne by the Appellant or shared among the CoC members and/or Resolution Professional.
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