https://www.taxtmi.com/caselaws?id=356530 The Tribunal held that the contesting respondents did not qualify as 'Financial Creditors' under the Insolvency and Bankruptcy Code. Consequently, the application filed by the respondents under Section 7 of the Code was deemed not maintainable. The Tribunal set aside the previous order, declared subsequent actions illegal, released the 'Corporate Debtor' from legal constraints, and allowed it to operate independently. The Adjudicating Authority was directed to determine the fee of the 'Resolution Professional' to be paid by the 'Corporate Debtor.' The appeal was allowed without costs. en-us Fri, 09 Feb 2018 00:00:00 +0530 Wed, 07 Mar 2018 12:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=356530 The Tribunal held that the contesting respondents did not qualify as 'Financial Creditors' under the Insolvency and Bankruptcy Code. Consequently, the application filed by the respondents under Section 7 of the Code was deemed not maintainable. The Tribunal set aside the previous order, declared subsequent actions illegal, released the 'Corporate Debtor' from legal constraints, and allowed it to operate independently. The Adjudicating Authority was directed to determine the fee of the 'Resolution Professional' to be paid by the 'Corporate Debtor.' The appeal was allowed without costs. Case-Laws Insolvency and Bankruptcy Fri, 09 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=356530