https://www.taxtmi.com/caselaws?id=358421 The appeal filed by the Corporate Debtor against the order admitting the application under Section 7 of the Insolvency and Bankruptcy Code was dismissed. The Tribunal found the appeal not maintainable based on the Supreme Court decision that once an insolvency professional is appointed, former Directors cannot appeal on behalf of the Company. The Tribunal also confirmed the disbursement of funds to the Corporate Debtor by Financial Creditors, rejecting the argument of non-receipt of funds. The appeal was ultimately dismissed with no costs awarded. en-us Tue, 06 Mar 2018 00:00:00 +0530 Tue, 10 Apr 2018 17:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=358421 The appeal filed by the Corporate Debtor against the order admitting the application under Section 7 of the Insolvency and Bankruptcy Code was dismissed. The Tribunal found the appeal not maintainable based on the Supreme Court decision that once an insolvency professional is appointed, former Directors cannot appeal on behalf of the Company. The Tribunal also confirmed the disbursement of funds to the Corporate Debtor by Financial Creditors, rejecting the argument of non-receipt of funds. The appeal was ultimately dismissed with no costs awarded. Case-Laws Insolvency and Bankruptcy Tue, 06 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=358421